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.
Menu
Sec 194da lic maturity taxable or exempted
Replies (4)
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.
It is taxable
Agree with same
Agree with same
Sir, maturity amount rs:12 lacs -assured value rs:10 lacs. difference rs:2 lacs.but rs:90,000/- tds rs:3500/- sec 194da as per 26as in f.y.20-21.
1. There are many inconsistencies in the data. The policy data needs scrutiny.
2. The TDS should not have been deducted if the premium was Rs. 1 lakh for Assured value of 10 lakhs.
3. The TDS deduction on Rs. 90000/- is not traceable from above.
4. The TDS deducted is over 70000/-, not answerable.
From the available data 2 lakh be maximum taxable amount, if at all it be taxable!!!
Recent Topic
- Forward tax charge gst related
- SBI direct mutual funds ITR
- 44AE Section
- FEMA compliant structure
- Tax obligation in AY 2026-27
- EFILING ITR2 FROM COMMON FILING UTILITY
- SBI gold bond interest
- PPF Interest Exempt - But what drop down to choose
- Itr2 or itr3 intraday trade 1 loss of 70 paise
- Calculation of IT
Related Topics
CAclubindia
