LIC maturity
Thooya (Accountant) (170 Points)
02 April 2019
How to treat the LIC maturity amount for which TDS is deducted & where to show it in the ITR?
2 Replies
Chhalani and Associates
(CA - www.cachhalani.com)
(142 Points)
Replied 02 April 2019
Since TDS has been deducted, we assume that premium paid is more than 10% / 20% (as the case may be), of the sum assured. Hence taxable. Show it as "Income from from other sources".
Sarath Chandra
(CA Final Student)
(566 Points)
Replied 03 April 2019
Since TDS is deducted, it is assumed to be taxable and not exempt u/s 10(10D). You have to show it under the head "INCOME FROM OTHER SOURCES"
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