Single premium life insurance maturity gain amount TDS @ 5% deducted by company while payout. Do I have any more tax liability on the maturity amount received after deduction?
rajarshi das (10 Points)
23 July 2024Single premium life insurance maturity gain amount TDS @ 5% deducted by company while payout. Do I have any more tax liability on the maturity amount received after deduction?
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(168283 Points)
Replied 23 July 2024
You have to file ITR and offer the gains from the policy for assessment. It will be taxed at slab rate. Based on that tax laibility would be calcualted,
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