shalini (CA) (525 Points)
17 August 2018Hi, My client's insurance policy got matured in A.Y. 2018-19(status is matured-inforce). Total sum assured is 1,21,000 and total premium paid is 1,97,169 till Nov,2017. She has received Rs.1,48,000 and rest of the money she or her nominee will receive in future years. Tds of 1% has been deducted u/s 44ADA. Please help me calculating the taxable amount. Thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 17 August 2018
1. Taxability is calculated based on premium paid in a year to sum assure. So, what was the premium paid PA?
2. TDS would have beem deducted u/s. 194DA !!
shalini
(CA)
(525 Points)
Replied 17 August 2018
Total premium is 39000 p.a. And yes it is deducted u/s 194DA ...mentioned wrong section by mistake.
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(177824 Points)
Replied 17 August 2018
As sum assured is less than 10*premium paid...... it is not exempted.
Hence whatever amount received is taxable u/h. 'IFOS'
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