PALASH (Nothing) (2000 Points)
13 October 2014" FROM NOW, 20% TDS FROM LIC MATURED AMOUNTS "..
From now, If any matured amount ( whether Money back / surrender value / any proceeds ) exceeds of Rs 1 LAC within a year from LIC of India , then LICI can deduct TDS 20% ( for Policy holders having No PAN card ) & 2% ( with PAN ) from their matured figures.
Regards
Niral Gangar
(Management Consulting Investment Advisory CA Practice)
(100 Points)
Replied 14 October 2014
Thanks.... But TDS is applicable only on LIC policies whose maturities are not exempt u/s10
(10D). For exempt policies no TDS is applicable
PALASH
(Nothing)
(2000 Points)
Replied 14 October 2014
Any sum received including bonus under life insurances policies which is not exempted u/s 10(10D) of the IT ACT , 1961 WOULD NOW BE SUBJECT TO DEDUCTION OF TAX AT SOURCE @ 2%.
Regards
CAclubindia
