Income Tax Act 2023
Section 99 - Deduction of tax from any payment in excess of premium paid on life insurance policy
(as updated till Finance Act 2024)
Any person responsible for making payment to a resident, any sum in excess of premium paid for any life insurance policy maintained with any life insurance company, shall, at the time of payment of such excess amount to the policy holder, deduct in tax at the rate of 5% (five percent) on such sum:
Provided that no deduction of tax shall be made in case of death of such policy holder.
Disclaimer: This is the authentic English text of the Income Tax Act 2023, as published under SRO No. 404-Law/2025 dated 08 October 2025. In the event of any inconsistency or conflict between the content on this website and the official Government publications or gazette notifications relating to laws, rules, regulations or SROs, the official Government publications and notifications shall prevail.