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
3 Replies
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
Ankit Taprania
(CA FINAL )
(542 Points)
Replied 06 January 2016
yep , yep , yep , NO TDS requirement .
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
