1Any 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 2 one per cent.:
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.
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1. Ins. by Act 25 of 2014, s. 57 (w.e.f. 1-10-2014).
2. Subs. by Act 28 of 2016, s. 76, for "two per cent." (w.e.f. 1-6-2016)..
Section 194DA Payment in respect of life insurance policy
Section 194E Payments to non-resident sportsmen or sports associations
Section 194EE Payments in respect of deposits under National Savings Scheme, etc
Section 194F Payments on account of repurchase of units by Mutual Fund or Unit Trust of India
Section 194G Commission, etc., on the sale of lottery tickets
Section 194H Commission or brokerage
Section 194IA Payment on transfer of certain immovable property other than agricultural land
Section 194IB Payment of rent by certain individuals or Hindu undivided family