24 May 2018
WE ARE RECEIVING PROCESSING U/S 143(1)a, IN SOME CASES THERE IS MISMATCH ON ACCOUNT OF DEDUCTION U/S 194da AND ITS TREATMENT IN RETURN. If a person paid premium of 212000/- on 200000/- policy for 10 yrs more than 10% of sum assured and received 269000/- as maturity then insurance company is deducting TDS u/s 194da @1 % on whole 269000/- what would be the tax treatment.
24 May 2018
The department would like to see the figure like 269000/-. Under Other sources head Show gross receipts as 269000/ and deduct the amount paid towards Premium from it
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