53G. Deduction at source from insurance commission.-

¹[53G.  Deduction  at  source  from  insurance  commission.- 

Any  person responsible  for  paying  to  a  resident  any  sum  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 or revival of policies of insurance, shall, at the time of credit of such sum 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 on such sum at the rate of  ²[five percent] ³[.

[Provided that no tax shall be deducted under this section if total amount of insurance commission during the income year does not exceed ⁴[forty] thousand taka.]

........................................................................

¹ Sec. 53G ins by F. A. 1990

² Subs. for "three per cent" by F.A. 2010
³ Subs. "full stop" for "colon" and omitted proviso by F.A 2008

⁴ Subs for "twenty five" by F. A. 2000

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