Lic maturity is taxable
This query is : Resolved
Ashis Kumar Sahu
(Querist)
23 November 2015
If an lic is matured and tds deducted on such amount than what amount is taxable
CA ANKIT GUPTA
(Expert)
24 November 2015
Read section 194DA carefully
Under the following circumstance TDS will not be deducted
1. Maturity sum received before 01.10.2014
2.Maturity sum does not received Rs.1,00,000
3.If the Policy premium does not exceeds
a. 10% of capital sum assured : if policy is taken on or after 01.04.2012
b. 20% of the capital sum assured : if the policy is taken before 01.04.2014
The taxable amount would be the TOTAl (gross) amount.
Under the following circumstance TDS will not be deducted
1. Maturity sum received before 01.10.2014
2.Maturity sum does not received Rs.1,00,000
3.If the Policy premium does not exceeds
a. 10% of capital sum assured : if policy is taken on or after 01.04.2012
b. 20% of the capital sum assured : if the policy is taken before 01.04.2014
The taxable amount would be the TOTAl (gross) amount.
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