Lic policy matured amount
This query is : Resolved
R.G.PROMODA
(Querist)
28 March 2016
UNDER SECTION 10(10D) T.D.S. DEDUCTED ON MATURED AMOUNT . HOW TO SHOWN THE THIS INCOME IN FORM 1(SARAL) AND GET THE REFUND?
CA Shyam Agarwal
(Expert)
28 March 2016
TDS should not be deducted on this amount. Make sure that TDS deducted on LIC maturity amount.
IF its happened then file your income tax return as per your actual income, fill the maturity amount in exempt income column, and claim tds amount for refund
IF its happened then file your income tax return as per your actual income, fill the maturity amount in exempt income column, and claim tds amount for refund
Amol S Joglekar
(Expert)
28 March 2016
Please check if your maturity amount is TAXABLE as per the conditions set out under section 10(10D). If it taxable, then show the same accordingly and claim the TDS credit. If the same is exempt, follow the route as suggested by CA Shyam Agarwal.
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