Tds not deducted on insurance premium
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 November 2014
Dear Friends,
Why TDS is not applicable on General Insurance premium and Life Insurance.
One common reason cited by many is that it is not covered under the definition of contract.
Please provide the case law if any along with proper reasoning.
Thanks
Why TDS is not applicable on General Insurance premium and Life Insurance.
One common reason cited by many is that it is not covered under the definition of contract.
Please provide the case law if any along with proper reasoning.
Thanks
Harsha goyal
(Expert)
09 November 2014
One reason that my sir gave me when I was studying CA was these are Govt org. and TDS has to be deducted and deposited into Govt account. So it will be like deducting TDS from Govt and then again depositing tax in their account. So in order to avoid unnecessary complications they have simply exempted these org.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- WRONG GSTR7 ENTRIES ACCEPTED ERRONEOUSLY
- Tax on Amount transferred in HUF Account
- Nursery business
- GST input credit on commercial property
- Working on Gold wastage during Melting of old gold jewellery
- GST REFUND ISSUE ON PURCHASE OF PLANT AND MACHINERY
- TDS on Dashcam rent and allied services
- Import Order Cancelled.
- GSTR-9C filing
- GST ITC as per notification 12/2023- central tax
- Subject: Legal Remedy for Removal of Income Tax Demand for AY 2024–25 – Charitable Trust
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Tally: Imported bank entries do not show up in manual reconciliation
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
