it assess Exide life insurance rs:1,00,000/- yearly*10 years total rs:10 lacs lic premium paid up to 19-20 year.
but assess rs:12 lacs and tds some amount deducted under sec 194da from Exide life insurance in f.y.20-21.
question:
1.assess lic maturity total amount taxable or exempted
2.how to calculate procedure income from Exide life insurance.
1. As TDS is deducted u/s. 194DA, it means the Assured Value of the policy must be less than 10 lakhs.
If yes, it is taxable.
2. TDS should have been calculated on the taxable income of Rs. 2 lakhs.
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