We have insured various insurance policy like as marine voyage policy, stock in transit policy, plant & machinery , building , stock , fire policy , theft policy , cash in transit policy .
Can above service is liable to deduct tds
The key aspects to consider regarding its applicability are as follows:
- Threshold Limit: TDS on insurance premium is deducted when the premium amount exceeds Rs. 50,000 in a financial year.
- Policy Types: TDS is applicable to life insurance policies, including endowment plans, ULIPs (Unit Linked Insurance Plans), and annuity policies.
- Exclusions: TDS is not applicable to policies where the sum assured is at least 10 times the premium amount.
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