Mr. Rushabh Gandhi, Director - Sales and Marketing, IndiaFirst Life Insurance.
From an insurance stand point, the Union Budget is neutral to being mildly positive. Commission to insurance agents is currently subject to 5% TDS irrespective of whether the agents total income is below taxable limits.
The proposal is to do away with the TDS for those agents whose total income is expected to be within taxable limits. This, from an administrative point of view, will make life easier for agents and also play a small role in reigniting the individual agency business in the country.