Section 99 - Deductions of Tax on any Payment in Excess of Premium on Life Insurance Commission
A person liable to pay any amount in excess of the premium paid to a resident in respect of a life insurance policy entered into with a life insurance company, shall deduct tax at the rate of 5% (five percent) on payment of the excess to the policyholder:
Provided that no tax shall be deducted on the death of the policyholder.
Note: This is unofficial English translation. In the event of a conflict between the information on this website and the original Government publications or notifications of laws, rules, regulations, and SROs, the Government publications or notifications shall prevail. Moreover, as per Section 345(2) of the Income Tax Act 2023, if there is a conflict between the English and Bengali text, the Bengali text shall prevail.