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non salary income, tds not deducted

Vineet (MBA) (77 Points)

18 August 2018

I have taxable lic policy (premature surrender). No TDS was deducted by LIC.
In Itr4, item B4 says:

B4: Income from other sources (Ensure that Sch TDS2 is filled)

What to fill in Sch TDS2?

Also where to fill savings bank interest in ITR4?

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6 Replies

(Guest)

Saving bank interest is comes under income from other sources. You can claim deduction of saving bank interest u/s 80TTA. allowable amount is Rs. 10000

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RAJA P M ("Do the Right Thing...!!!") (128047 Points)
Replied 18 August 2018

B4: Income from other sources (Ensure that Sch TDS2 is filled)

What to fill in Sch TDS2?

- If Any TDS deducted then You can fill that details in TDS2. Otherwise no need to fill TDS2 details...

SB interest will be shown IFOS head and Deduction available upto 10k u/s 80TTA...

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Vineet (MBA) (77 Points)
Replied 18 August 2018

Thank you Ratanji & Raja PM Ji

Raja PM ji, OK thx. I can't fill lic tds because no tds was deducted by LIC on the taxable policy

But will this not lead to a tds mismatch notice?

rama krishnan (12234 Points)
Replied 18 August 2018

if you have maintained LIC policy for minimum 5 years and the premium paid per annum is less than 20% or 10% as the case may be, then it's exempt.

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Vineet (MBA) (77 Points)
Replied 18 August 2018

No it is not exempt I have checked.

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RAJA P M ("Do the Right Thing...!!!") (128047 Points)
Replied 18 August 2018

will this not lead to a tds mismatch notice?
- No... If TDS deducted then it will go to fall mismatch if we wrongfully filed...
But, Here TDS can't deduct then no way mismatch or comparable figures.. So, You can file Yourself for Your income...

GOOD LUCK...

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