194DA payment in respect of lic

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MOIN ALI (Querist)

10 January 2017 payment in respect of life insurence is exampted are not. a person received a sum of RS. 127200 in f/y 15/16. can I claim exemption for the whole amount which mention above. please help me with example

Gokul Sharma

Gokul Sharma (Expert)

10 January 2017 is any TDS Deducted on the above amount

MOIN ALI

MOIN ALI (Querist)

10 January 2017 yes sir TDs deducted as 2%

Gokul Sharma

Gokul Sharma (Expert)

10 January 2017 check whether you LIC Policy qualify the criteria of sec 10 (10) d

Gokul Sharma

Gokul Sharma (Expert)

10 January 2017 According to the new Act introduced now, tax shall be deducted at source (TDS) on payouts to Resident Indian customers if the cumulative payout across all policies which are not exempt under section 10(10D) equals or exceeds Rs. 1 lakh in a financial year.

In case PAN is available and valid, 2% TDS will be applicable.
In case PAN is invalid or not available, 20% TDS will be applicable!
In case your life insurance policy qualifies for Sec 10(10D), no TDS will be deducted.

MOIN ALI

MOIN ALI (Querist)

10 January 2017 thank u sir

Gokul Sharma

Gokul Sharma (Expert)

10 January 2017 the LIC Co deducted your TDS which Means You are not Qualify for Sec 10(10)d
taxable the gross amount and claim tds

MOIN ALI

MOIN ALI (Querist)

10 January 2017 thank u soo much sir

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