Changes in TDS
15H Form now applicable to insurance commission agents
Existing (Financial Year 2016 - 2017 or AY 2017-18)
Insurance Agent get Commission from Insurance Companies.
Currently Insurance Companies deducts TDS at 10% on Commission if Commission made is more than 15000 p.a.
New(Financial Year 2017 - 2018 or AY 2018-19)
Rates of TDS and Commission are same.
Insurance Agents can give Form 15H Self Declaration to Insurance Company if their total income is less than Income Tax slab Rate.
If this form is given, Insurance Company will not deduct TDS.