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TDS rates applicable on incentive paid to the Sales Force of PLI RPLI Policies is 5%

Subject: - Clarification regarding TDS rates applicable on incentive paid to the Sales Force of PLI & RPLI. TDS (Tax Deducted at Source) rates applicable on incentive paid to the Sales Force of PLI & RPLI is 5%


Download TDS rates applicable on incentive paid to the Sales Force of PLI & RPLI in PDF


No. 29-002021-II Govt of India Ministry of Communications Department of Posts Directorate of Postal Life Insurance Chanakyapun PO Comples, New Delhi 110021 Dated 06.06.2023 All Heads of Circle All Heads of PAO

A Kind reference is invited of this Directorate letter no. 29-09/2021 — LI dated 30.11.2022 regarding GST & TDS rates applicable on incentive paid to the Sales Force of PLI & RPLI.

In this regard, it is intimated that as per Section 194D  Insurance commission, “Any 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 of 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 income tax thereon at the rates in force: ” The TDS rate for insurance commission (where the person is resident in India) is 5%.

‘Therefore, it is requested to issue necessary instructions to all concerned Post Offices under your jurisdiction to follow the above mentioned TDS rates applicable on incentive paid to the Sales Force of PLI & RPLI.

(Sachidanand Prasad) General Manager (Finance)


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