29 October 2016
A person received a sum of Rs. 150000/- from LIC on which TDS at the rate of 2 % was deducted, now the lic receipts will be shown under which head and what will be the taxable amount?
29 October 2016
A person received a sum of Rs. 150000/- from LIC on which TDS at the rate of 2 % was deducted, now the lic receipts will be shown under which head and what will be the taxable amount?
29 October 2016
For what purpose the amount was received? wast that the money back on your policy or the maturity amount of some policy or anything else?
04 November 2016
In my opinion, unless exempt u/s 10(10D), the difference between amount received on maturity and amount of premium paid is taxable under income from other sources in the year of receipt.
CAclubindia
