Tax tratment

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 i have received from lic a commuted value of 58654 after tax deduction of 25137 and monthly annuity of 813 after i left the organization
want to know the tax treatment of it that commuted value recieved as superannuation is taxable or not and monthly annuity is taxable or not and under which head

Anil Sankar V

Anil Sankar V (Expert)
Follow

18 July 2013 the only solution to this :
1.TDS might have be done-may be annuity paid in any year is more than 20%.

basically, lic amount is exempt u/s10(10d)

Querist : Anonymous

Querist : Anonymous (Querist)

18 July 2013 but it is not maturity amount
it is received as superannuation as i left the organisation

Upgrade to CAclubindia Pro. Subscribe Now!