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Clarification on deletion of name of daughter from the family details of a Central Government pensioner

Smart things to know about TDS

January 13, 2015, 5:39 AM
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1) Finance Act 2014 has introduced a new provision in the Income Tax Act for tax deduction at source (TDS) on insurance policies. It shall be effective from 1 October 2014.
2) If the policy proceeds, whether interim or on maturity, exceed Rs 1 lakh, the amount shall be subject to TDS at the time of payment to the policyholder.
3) If the policyholder has registered his PAN with the insurer, the TDS shall be 2% of the policy proceeds. If he hasn’t done so, the TDS shall be 20% of the proceeds.
4) The TDS provisions shall not apply to a policy that is not exempt from tax under Section 10(10D) of the Income Tax Act.
5) If the PAN details have not been provided, the policyholder shall not be able to claim a refund. The TDS certificate shall also not be generated.
source – govemployees .in
   
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This entry was posted in Employee News - Govt. Employee, Govt. Employee - General, Income Tax

   
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Disclaimer: The Information /News /Video provided in this Platform has been collected from different sources. We Believe that “Knowledge Is Power” and our aim is to create general awareness among people and make them powerful through easily accessible Information. NOTE: We do not take any responsibility of authenticity of Information/News/Videos.