banner_ad

Sec 194da

This query is : Resolved 
Profile Image

Profile Image

(Querist)
18 July 2016 Dear Sir,
An Assesse has received Rs. 156708.00 as maturity proceeds of LICI and TDS Deducted Rs. 3134.00, for A.Y. 2016-17. But we know that maturity proceeds of LICI is exempt from tax so why TDS has been deducted on this maturity proceeds of LICI and it if it is required to be shown then whether the full amount received will have to be shown or not. Please explain it clearly as to why TDS has been deducted and why income has to shown.

Please give your valuable reply which would be very much helpful for the assesse to assess tax as 31st July is very near.

Thanks,
Abhishek Roy Choudhury.
Profile Image

CA SUNIL K GARG

Profile Image

CA SUNIL K GARG (Expert)
18 July 2016 The Provisions of section 194DA are applicable on those life insurance policies (and not on defered pension plans) policy payments where such payments are not exempted under section 10(10D).
It means in your case full maturity proceeds would be taxable under head other sources and deducted TDS can be claimed while filling return.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 14 May 2026
CA ARTICLE

PRAVEEN GARG & CO

Faridabad

CA Foundation

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
08 May 2026
Paid Assistants

Quick Taxperts Private Limited

Bengaluru

Graduate (Any)

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
16 May 2026
Audit clerk

mgirt & co

Bengaluru

CA Inter

View Details
Company
10 May 2026
Finance specialist

Right way solution

Ajmer

CA

View Details