Amount of exemption u/s 10(10D)

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PURUSOTTAM PANDA (Querist)
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18 June 2022 Premium amount exceeds 10% of sum assured.

But, premium @ 10% claimed u/s 80C for past years.

Whether total amount received on maturity taxable or only accretion amount taxable?

Please suggest any tax planning in this regard.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2022 80c amount claimed and accretion taxable.

PURUSOTTAM PANDA

PURUSOTTAM PANDA (Querist)
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18 June 2022 Sir,

The company will deduct tax at source on full maturity amount. Then, how could I show only 80C claimed amount and accretion as taxable. There will be difference in 26AS data and ITR data.

How to handle this mismatch? Please suggest.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 June 2022 Show the difference in exempt income schedule and say 80c not claimed amount.

PURUSOTTAM PANDA

PURUSOTTAM PANDA (Querist)
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18 June 2022 Thank you, sir. 🙏🙏🙏

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Amount of exemption u/s 10(10D)

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