Respected expert,
One of my salaried colleagues received LIC deposited/policy mature amount.TDS deducted on that amount which is shown on 26AS.It is also shown in Schedule-2 of online ITR-1.When this amount filled in 'other bank income' on ITR-1 form,lastly it shows assessment tax.
1)She has to pay assessment tax.
2)Where to show this amount ?
3)If this amount does not show on form,she may receive notice.
4)Is this amount is tax free then why they deducted TDS.
Please guide on above arising questions.
"Is this amount is tax free then why they deducted TDS."
That gives the answer, that this amount is not tax-exempt........ but taxable....
& hence she has to pay the required self asessment tax....
CAclubindia
