What about TAX implications in case of Income 4m LIC POLICY MATURITY.
3 Replies
Sud
(26 Points)
Replied 21 June 2008
Proceeds received from Maturity of a LIC policy is totally exempt from tax. Only Keyman Insurance policy & a policy on which 20% of total sum assurred paid in one year are taxable.
sud
www.edusys.co.in
kalpana hegde
(chartered accountant)
(32 Points)
Replied 23 June 2008
Hi,
I heard somewhere that due date for filing Income tax is 31 st july 2008 for every kind of employees . Is it correct?
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