Any person responsible for making payment to a resident any sum as remuneration or reward, whether by way of commission or otherwise, for soliciting or procuring insurance business including endeavoring for the continuance, renewal or revival of policies of insurance shall, at the time of deposit of such sum to the account of the payee or at the time of payment thereof in cash or by cheque or draft or by any other mode, whichever is earlier, deduct tax on such sum at the rate of 5% (five percent).