271 : Circular No. 271, dated 26-05-1980

 

 Instructions for deduction of tax at source from insurance commission during financial year 1980-81 at the rates specified in Part II of First Schedule to the Finance (No. 2) Bill, 1980

             

1. I am directed to invite a reference to this Department’s Circular No. 254 [F. No. 275/28/79-IT(B)], dated 23-5-1979 on the subject of deduction of income-tax from insurance commission, etc., during the financial year 1979-80.

2. The Finance Act, 1980 prescribes the same rates for deduction of tax from insurance commission, etc., during the financial year 1980-81 as were in force during the financial year 1979-80. Hence, tax at source from insurance commission, etc., may continue to be deducted at the same rates as are given in Part II of the First Schedule to the Finance Act, 1979.