Tax payable on insurance maturity
This query is : Resolved
13 February 2018
Hello Sir, I know about 2% TDS on insurance maturity u/s 194 (A).
let me clarify
How much tax should be payable on such case of maturity?
What kind of income it is called?
Why the whole amount of maturity (including Sum Assured/premium paid for policy term) is to be shown as income of requisite FY?
Thank you in advance.
let me clarify
How much tax should be payable on such case of maturity?
What kind of income it is called?
Why the whole amount of maturity (including Sum Assured/premium paid for policy term) is to be shown as income of requisite FY?
Thank you in advance.
13 February 2018
Under section 10 (10D), maturity proceeds received under a life insurance policy are exempt from tax. However, the benefit is not extended to policies where the annual premium exceeds 10% (20% in case of policies sold prior to April 2012) of the sum assured.
13 February 2018
My question is different from your answer..
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- ITR 2 Short Term gain & Long term gain
- Itr 1 processing
- Reporting Income under Section 44ADA
- Off Market debit and credit transaction
- ITR returnFY25-26
- Share accounting-->fifo - capital gain - period as per fifo?
- ITR 1: Details for showing Exempt Income
- Short Term Capital gain on shares bought and sold after 2018 onwards
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR validation error - Balance sheet is not filled
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
