bonus received after my father's death.the company has not deducted any tds as per form 26as.will it be taxable in the hands of legal heir?
5 Replies
Santhosh Kumar M S
(TAX CONSULTANT)
(82 Points)
Replied 03 May 2016
2% TDS is applicable from maturity proceeds of a life insurance policy if the premium paid is more than 10 per cent of the sum assured. TDS is not applicable if the aggregate sum paid in a financial year to an assessee is less than Rs 1 lakh. Currently, under section 10(10D) of the Income Tax Act, any sum received from a life insurer is not taxable if the premium payable is upto 10 % of the sum assured. Tax would be payable as per your tax slab if the premium exceeded the 10 per cent amount
Santhosh Kumar M S
(TAX CONSULTANT)
(82 Points)
Replied 06 May 2016
As per Sec-159 of income tax act legal representative / legal heir are liable for tax of the deceased person so you will be liable to pay on bonus received after death of your father
sudalay dhas
(Accounting)
(51 Points)
Replied 11 May 2016
Mr.Kunal,
Bonus also part of salary and you havent mentioned the amount of bonus.
If the bouns amount is not crossed the limit of income tax slap, then there is no need to deduct tds.
If my view is mistake, Pls. anyone let me know.
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