ranjitkarmakar (service) (303 Points)
23 September 2016Dear Sir,
My client get a payment from LIC under section 194DA for Rs. 4,59,078/- after deduction tds 9,182/-, which was also reflected on 26AS of my client.
My question is whether this amount of Rs. 4,59,078/- will be added with Business Profit for income tax return. For example if I file the return - TOTAL INCOME IS RS. BUSINESS PROFIT RS. 4,50,000/- + 4,59,078/- = RS. 9,09,078/-. Please solve my queries. Thanks
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(160721 Points)
Replied 23 September 2016
Depends upon the nature of policy. In most of the cases, only profits/bonus/income of the proceeds is taxable. So, deduct the premium paid amount from the above.
CAclubindia
