10 January 2017
payment in respect of life insurence is exampted are not. a person received a sum of RS. 127200 in f/y 15/16. can I claim exemption for the whole amount which mention above. please help me with example
10 January 2017
According to the new Act introduced now, tax shall be deducted at source (TDS) on payouts to Resident Indian customers if the cumulative payout across all policies which are not exempt under section 10(10D) equals or exceeds Rs. 1 lakh in a financial year.
In case PAN is available and valid, 2% TDS will be applicable. In case PAN is invalid or not available, 20% TDS will be applicable! In case your life insurance policy qualifies for Sec 10(10D), no TDS will be deducted.
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