The Central Board of Direct Taxes vide notification dated 22nd September, 2020 has notified the Income-tax (21st Amendment) Rules, 2020. The amendment provides that the insurers can apply for a certificate for receipt of interest and other sums without deduction of tax under section 195(3) of the Income – tax Act, 1961. The application shall be made as per the same procedure followed by banking companies while applying for the certificate provided under section 195(3) of the Income – tax Act, 1961 .
