If tds deducted US 194da insurance policy maturity tax free
This query is : Resolved
22 July 2023
if TDS is deducted US 194DA on maturity of Life Insurance policy can we claim this amount ? policy is tax free or not ? please suggest
22 July 2023
Check the policy based on premium paid to sum assured for its tax exemption.
As tax has been deducted, it implies there is tax liability; or it is not tax-exempt.
As tax has been deducted, it implies there is tax liability; or it is not tax-exempt.
23 July 2023
It was deposited Rs 20 lac in 2013 lum sum and maturity comes in Feb 2023 Rs 38 lac. Now LIC has deducted tds US 194DA Rs 86k against payment of Rs 7.82 lac but actually LIC company paid Rs 38 lac as maturity
Is it Rs 7.82 lac income?
Please
Is it Rs 7.82 lac income?
Please
23 July 2023
The maturity amount less 20 lakhs is taxable value.
TDS has been deducted against taxable value at 5% rate u/s. 194DA IT act.
TDS has been deducted against taxable value at 5% rate u/s. 194DA IT act.
24 July 2023
it means Rs 7.82 lac my income from policy maturity and it should consider in other source
24 July 2023
Yes, taxable u/h IFOS. Claim TDS against the income.
14 September 2024
Good luck.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- CLOSING STOCK QUERY
- Exiting partner in partnership firm in gst portal
- TDS _Long term Capital Gain ref.sec 214 Table 2
- Technical Glitch in ITR-4 Online Form (AY 2026-27): Sec 44AE Partner Remuneration not mapping to E8
- Residential status of non resident
- Error in uploading Form 10BD
- NRI INSURANCE ADVISOR
- Difff in ais receipts and gst turnover
- ITR-3 File/Error Found
- Sale of Mutual Funds In Diffirent Financial Years
- DUE DATE FOR ITR FILING
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
- NRI ITR2 account in 2025-26.
- Query regarding reporting of exempt foreign remuneration in ITR (AY 2026-27)
- FEMA/RBI treatment — Amazon.ca arbitrage (US buy, Canada sell, goods never enter India)
- Goods return by customer
- INWARD REMITTANCE FOREIGN
- CPC and SAC
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
