dear sir,
my client received Lic payment
7 lakh rs. this Amount Taxable or exempted under income tax.
If exempted plz Tell me section.
2 Replies
Sagar Patel
(Tax and Business Consultant)
(11611 Points)
Replied 23 August 2020
Is TDS u/s 194DA deducted from maturity amount of LIC or not by insurance company/LIC.??
vikram chouhan
(131 Points)
Replied 23 August 2020
Where the premium paid to LIC is more then 10% of sum assured then it is taxable other it is exempt u/s 10(10D)
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