Is TDS applicable or not u/s 194C to Insurance Company
This query is : Resolved
27 March 2025
Respected Sir/ Madam,
One of my Govt. Body Client ( Fishery Department ) deduct Tds u/s 194c @2% of an Insurance Company, on payment of Rs 55.00 lacs and insurance is for their fish stock. My question is it correct or not because Insurance company said tds is not applicable on Insurance company. Kindly Resolve this issue.
Thanks & Regards
Vivek
One of my Govt. Body Client ( Fishery Department ) deduct Tds u/s 194c @2% of an Insurance Company, on payment of Rs 55.00 lacs and insurance is for their fish stock. My question is it correct or not because Insurance company said tds is not applicable on Insurance company. Kindly Resolve this issue.
Thanks & Regards
Vivek
27 March 2025
Correct. Based on standard practice, no TDS is applicable on insurance premiums paid to an insurance company by a policyholder, unless there be any other service component involved other than insurance.
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