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How to show LIC maturity

Thooya (Accountant) (170 Points)

12 September 2018

After filing my returns i have received a notice u/s 143(1)(a).. the difference amount is TDS on lic maturity.. where should I show the amount of maturity i received in itr 3?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (184754 Points)
Replied 12 September 2018

The maturity amount must be taxable, so either accept the difference as per notice if as per calculation. Or revise for any difference, by non-acceptance.

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Vishal Soni (88 Points)
Replied 12 September 2018

When the premium paid on the policy does not exceed 10% of the sum assured for policies issued after 1 April 2012 and 20% of sum assured for policies issued before 1 April 2012– any amount received on maturity of a life insurance policy or amount received as bonus is fully exempt from Income Tax under Section 10(10D).