Section 194DA: Payment in respect of life insurance policy

The Income-tax Act, 1961Central Act · Act 43 of 1961

Repealed. This text is published for reference. It is not in force, and it should not be relied on as current law without checking what replaced it. Repealed by the Income-tax Act, 2025, with effect from 1 April 2026

Payment in respect of life insurance policy.

Any 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 [two] per cent on the amount of income comprised therein :

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.

Where this provision sits

Act	The Income-tax Act, 1961
Section	194DA
Marginal note	Payment in respect of life insurance policy
Jurisdiction	Central
Status	Repealed

How this provision has been amended

Taken from the footnotes printed with the provision by the source. Where a footnote names the amending instrument, it is quoted as printed.

substituted, Act No. 15 of 2024. Sub. for "five" by Act No. 15 of 2024, w.e.f. 1-10-2024.

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