Payment in respect of life insurance policy.53194DA.
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 54
[one] per cent: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.