related to TDS

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 June 2011 Mr. A is in a business of insurance polices trading of various company. They sell polices through there own agents and agents collect premium from client(invester).The polices include medical insurance, motor, Personal Accident, Marine Cargo, etc. from reliance general insurance, future general India insurance co. ltd, tata aig general insurance co. ltd., etc. . The cheque given by the client in fever of above insurance company.XYZ got 15% insurance commission(194H)on premium from insurance co. than XYZ give 7% commission to their agents.
QUERY:-

Whether this 7% commission paid to agent by XYZ is consider as:-

1) Insurance commission u/s 194D
2) Commission or Brokerage u/s194H
3) Professional or Technical Fess u/s 194J
4) Contracts to Individuals/HUF u/s194c

Note;-
1-Mr. A is individual

CA MANOJ GUPTA

CA MANOJ GUPTA (Expert)
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09 June 2011 SECTION 194 D PROVIDES THAT 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......DEDUCT TAX
SO THE CASE IS FULLY COVERED BY SECTION 194D

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