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1961Section 194DA

194DA. Payment in respect of life insurance policy.

In the 2025 Act1 match · Unreviewed

From the Income Tax Department's correspondence.

Any person responsible for paying to a resident any sum under a life insurance policy, including the sum allocated by way of bonus on such policy, other than the amount not includible in the total income under clause (10D) of section 10, shall, at the time of payment thereof, deduct income-tax thereon at the rate of 35[two] per cent on the amount of income comprised therein :

Provided that no deduction under this section shall be made where the amount of such payment or, as the case may be, the aggregate amount of such payments to the payee during the financial year is less than one hundred thousand rupees.

Footnotes

  1. 35.Sub. for "five" by Act No. 15 of 2024, w.e.f. 1-10-2024.↩

Income-tax Act, 1961: text as on 22 May 2026 · Official source ↗ ·