Annual Return Of Deduction Of Tax From Insurance Commission Under Section 206 Of The Income Tax Act, 1961

Form No. 26D

Section 194d And Rule 37 Annual Return Of Deduction Of Tax From Insurance Commission Under Section 206 Of The Income-Tax Act, 1961, For The Year Ending 31st March

Insurance commission.

194D. Any person responsible for paying to a resident any income by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance) shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force :

Provided that no deduction shall be made under this section from any such income credited or paid before the 1st day of June, 1973:

Provided further that no deduction shall be made under this section in a case where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely to be credited or paid during the financial year to the account of, or to, the payee, does not exceed fifteen thousand rupees.

Persons deducting tax to furnish prescribed returns.

206. (1) The prescribed person9 in the case of every office of Government, the principal officer in the case of every company, the prescribed person in the case of every local authority or other public body or association, every private employer and every other person responsible for deducting tax before the 1st day of April, 2005 under the foregoing provisions of this Chapter shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered to the prescribed income-tax authority10 or such other authority or agency as may be prescribed, such returns in such form and verified in such manner and setting forth such particulars as may be prescribed:

Provided that the Board may, if it considers necessary or expedient so to do, frame a scheme for the purposes of filing such returns with such other authority or agency referred to in this sub-section.

Prescribed returns regarding tax deducted at source under section 206.

37. Every person, being a person responsible for deducting tax under Chapter XVII-B shall, in respect of a previous year, deliver or cause to be delivered to the [Director-General of Income-tax (Systems) or the person or agency authorised by the Director General of Income-tax (Systems)] referred to in rule 36A, the returns mentioned in column (1) of the Table below in Form No. specified in the corresponding entry in column (2) of the said Table by the end of the month falling in the financial year immediately following the previous year as specified in the corres-ponding entry in column  (3) in the able provided by the rule 

Form No. 26D Annual Return Of Deduction Of Tax From Insurance Commission Under Section 206 Of The Income-Tax Act, 1961, For The Year Ending 31st March 

Legal Process Outsourcing This Document

User Comments

Free

Add to Reading List Download Document


×

C2RMTo Know More

Something Awesome Is In The Work

0

DAYS

0

HOURS

0

MINUTES

0

SECONDS

Sign-up and we will notify you of our launch.
We’ll also give some discount for your effort :)

* We won’t use your email for spam, just to notify you of our launch.