Insurance ernings taxable or not
This query is : Resolved
25 June 2008
1)I have been paying ever year
Rs. 20,000/- for reliance insurance
2)Three years locking period after three years
3) I am an income tax assessee (salary income 35000000/-p.a)
If i will earn Rs. 120000/- after three years
If any tax liability on margin earnings
And please explain U/s. 10(10D) of IT Act
Is applicable in my case
thanks & regards.
balu
Rs. 20,000/- for reliance insurance
2)Three years locking period after three years
3) I am an income tax assessee (salary income 35000000/-p.a)
If i will earn Rs. 120000/- after three years
If any tax liability on margin earnings
And please explain U/s. 10(10D) of IT Act
Is applicable in my case
thanks & regards.
balu
26 June 2008
Hi...
Going by Information provided by u...
U can get Deduction u/s 80C for Life insurance premium paid (Subject to restriction of 20% of sum assured,if the premium is higher than 20% of sum assured)
And u/s 10(10D) U can get deduction on amount plus bonus recieved on Maturity of Life Insurance ploicy.But if any one or more premium paid exceeds 20% of sum assured then the entire amount is taxable...
Going by Information provided by u...
U can get Deduction u/s 80C for Life insurance premium paid (Subject to restriction of 20% of sum assured,if the premium is higher than 20% of sum assured)
And u/s 10(10D) U can get deduction on amount plus bonus recieved on Maturity of Life Insurance ploicy.But if any one or more premium paid exceeds 20% of sum assured then the entire amount is taxable...
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
- Difference between Date of Payment and Date of Deduction?
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Unregistered suppliers utility
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- ITR 4 and Bank transactions
- URGENT-Eligible leaves being shown as 24 days for 3 years Articleship instead of 156 days in 108
- FCRA 6 E- Intimation
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
- EXPORT PAYMENT
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
