1Any person responsible for paying to a resident any income by way of remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business (including business relating to the continuance, renewal or revival of policies of insurance) shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by issue of a cheque or draft or by any other mode, whichever is earlier, deduct incometax thereon at the rates in force :
Provided that no deduction shall be made under this section from any such income credited or paid before the 1st day of June, 1973:
2 Provided further that no deduction shall be made under this section in a case
where the amount of such income or, as the case may be, the aggregate of the
amounts of such income credited or paid or likely to be credited or paid during
the financial year to the account of, or to, the payee, does not exceed 3
fifteen thousand rupees.
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1. Ins. by Act 21 of 1973, s. 17 (w.e.f. 1-4-1973).
2. Ins. by Act 11 of 1987, s. 48 (w.e.f. 1-6-1987).
3. Subs. by Act 28 of 2016, s. 75, for "twenty thousand rupees" (w.e.f.
1-6-2016). Earlier the quoted words were substituted by Act 14 of 2010, s. 38,
for "five thousand rupees" (w.e.f. 1-7-2010).