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Answer nowI had taken a 15-year BIma Bachat Policy for Sum Assured: Rs. 1,00,000/- on 11/10/2008 and paid single Instalment Premium of Rs. 79,213.00 with date of Maturity: 11/10/2023.
On maturity I have been paid Rs. 1,04,713.00 by LIC in my account with TDS deduction of Rs. 4500/-. (Reflected in AIS as "Receipts from life insurance policy-Section 194DA"by LIC: Rs. 90,000).
Please help me with the following queries: and advise me on how to reflect this in ITR1 filing for Income Tax for AY24-25:
a. What is the INCOME for FY 23-24 on this account?
b. How much is taxable income and
c. is it "Other Income" or other head?
d. What to do with the TDS already deducted?
Thanks for your help and support.An early response will be highly appreciated.
Yours Sincerely,
Prof. (Dr.) M. Goswamy
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