14 August 2016
I AM HAVING LIC POLICY AND I HAVE PAID SINGLE PREMIUM OF RS 2LAC IN THE YR 2010 FOR A PERIOD OF 5 YRS AND SUMASSURED IS 50000/- AND I HAVE NOT CLAIMED DEDUCTION U/S 80C NOW THE SAID POLICY IS MATURED IN JUNE 2016 I HAVE RECVD RS 4,50.000/- FROM LIC AND LIC HAS DEDUCTED TDS 4500/- U/S 194DA.
WHAT WILL BE MY TAXABLE INCOME FROM THE SAID LIC POLICY MATURED 450000-200000=250000/- OR WHOLE AMT RECVD FROM LIC PL EXPLAIN
14 August 2016
amount of 4.5 is added to your other income, if any. Then the income will be taxed as per the slabs.....against which you can claim the TDS
CAclubindia
