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Tds

Anita Kulkarni (Student CA Final ) (166 Points)

06 January 2016

whether TDs need to be deducted on premium paid on fire insurance.. if yes under which section

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Kumar Purohit (Articled Assistant) (653 Points)
Replied 06 January 2016

Tds is not required to be deducted on payment of insurance premiums TDS is not applicable on insurance premium paid to an insurance company. The provisions of TDS do not have a negative list (TDS is NOT applicable on this & this). TDS provisions are exhaustive provisions. They just provide the nature of incomes on which TDS is required to be deducted. Since, TDS chapter does not provide for deduction of TDS on insurance premium, no TDS will be deducted at the time of payment of such amount. Hence there is no need to deduct tds on fire Insurance premium Thanks

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Ankit Taprania (CA FINAL ) (542 Points)
Replied 06 January 2016

yep , yep , yep , NO TDS requirement .

Anita Kulkarni (Student CA Final ) (166 Points)
Replied 06 January 2016

Oh thank u very much...

Mehak Sharma (Content writer) (36 Points)
Replied 13 February 2025

No, TDS is not required to be deducted on the premium paid for fire insurance or any other insurance premium.

The reasons are as below;
- As per the Income Tax Act, 1961, there is no specific provision mandating TDS deduction on insurance premium payments.
- Section 194D of the Act applies only to payments made to insurance agents or commission payments related to insurance policies, not the insurance premium itself.
- Payments to insurance companies for fire insurance premiums fall under the category of business expenses and do not attract TDS under any section.

Would you like further clarification on any related TDS matters? Feel free to connect with our experts @ https://www.setindiabiz.com/tds-return