IS AMOUNT RECEIPT FROM LIFE INSURANCE COMPANY UNDER SECTION 194 DA TAXABLE OR NOT?

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This discussion clarifies whether amounts received from a life insurance company under Section 194DA are taxable. While TDS of 5% was deducted, the consensus suggests it may not be tax-exempt. It's advised to check the policy document and the premium-to-sum assured ratio to confirm taxability and potential exemptions under Section 10D.

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(Querist)
23 July 2023 IS AMOUNT RECEIPTS FROM LIFE INSURANCE COMPANY UNDER SECTION 194 DA TAXABLE OR NOT? (IF NOT TAXABLE,THEN CAN I REPORT THE AMOUNT AS EXEMPT CATEGORY UNDER SECTION 10D)?
(TDS 5 % HAS DEDUCTED ON THE ABOVE SAID RECEIVED AMOUNT FROM LIFE INSURANCE COMPANY LIC)
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
23 July 2023 Doesn't seem to be tax exempt.
Check policy document &/or premium to sum assured ratio.
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BISWAJIT MAIKAP

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BISWAJIT MAIKAP (Querist)
23 July 2023 Thank you very much sir
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
23 July 2023 My Pleasure.
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