my client received maturity amount of lic Rs.324000.it is exempt u/s 10 (10d).but TDs was deducted since he had not provided pan number. to claim TDs where he can show the maturity value. he has no other income.
5 Replies
Ravi SADhiyan
(Practice)
(4510 Points)
Replied 25 July 2019
If he not provide PAN than no TDS reflected in 26 AS
023333 SRIRAJ S
(2 Points)
Replied 25 July 2019
policies where the premium is more than 10% of the policy amount... the refunded amount including bonus is taxable... If you have not claimed 80C deduction earlier...you can treat it as a capital asset and compute LTCG with indexation...
RAJA P M
("Do the Right Thing...!!!")
(128091 Points)
Replied 25 July 2019
(but it was reflected in 26 AS)
Where is it showing...?
Which coloum & schedule...?
Where is it showing...?
Which coloum & schedule...?
Susmita Dutta, CA , CPA
(CA )
(2141 Points)
Replied 26 July 2019
Where the premium paid, is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% or 20% of the sum assured as the case may be, is fully taxable.
Disclose the amount received under the head 'income from other sources' and pay tax according to the income tax slab.
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