29 August 2008
Hello, Everybody , can Friends u tell me what are the provisions are relateds regarding Int. Rev. From FD and Sum Recived on Maturity of LIC Thanks In Advance
29 August 2008
if interest received on fd is taken on accrual basis then it is taxable on those years when you are declared your income othere wise it is taxable wneh you are receved cash lic matured is not taxable it is exempt u/s 10 of the act
LIC maturity amount is taxable if the person who take the policy get the amount... But in case the LIC paid the amount of insurance that is not taxable....
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