Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com)) (8311 Points)
18 November 2014
Dipjyoti Majumdar
(CA in service & CS. dipmaj@ rediffmail.com )
(3468 Points)
Replied 18 November 2014
In brief, from 01/10/2014, the life insurance companies have to deduct tax at source under 194DA if the pay out at maturity (including bonus) exceeds Rs 1 lakh in case of those life policies where annual premium paid is more than 10% of sum assured.
Regards,
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