Tds deduction on lic policy
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
13 June 2016
Sir,
TDS was deducted on LIC policy maturity proceeds surrendered,so inorder to claim back TDS what are the procedures to be undertaken
TDS was deducted on LIC policy maturity proceeds surrendered,so inorder to claim back TDS what are the procedures to be undertaken
13 June 2016
Your Premium must be more then the 10% of sum insured thats the reason TDS is deducted.It is a taxable amount however your total income including LIC maturity doesn't exceed the taxable limit then you can claim the refund while filing your income tax return.
13 June 2016
you need to file the income tax return in order to claim the refund
13 June 2016
in my opinion its not the part of taxable income when your policy amount exempt u/s 10(10D) its cover the policy, who's yearly premium not exceeds 10% of the sum assured and for detail you can see
premium in any year is more than 20% of the sum insured if it were bought after 1st April 2003 but before 31st April 2012
– or is more than 10% of the sum insured if it were bought after 1st April 2012
– or is more than 15% of sum assured for policies bought after 1st April 2013 for disabled or those suffering from ailments (as per section 80DDB).
on receiving the amount on policy exceeds the limit amount you have to include the amount recd form insurance company include in your income, and calculate your income and tax on that , you can file return and claim the tds.
premium in any year is more than 20% of the sum insured if it were bought after 1st April 2003 but before 31st April 2012
– or is more than 10% of the sum insured if it were bought after 1st April 2012
– or is more than 15% of sum assured for policies bought after 1st April 2013 for disabled or those suffering from ailments (as per section 80DDB).
on receiving the amount on policy exceeds the limit amount you have to include the amount recd form insurance company include in your income, and calculate your income and tax on that , you can file return and claim the tds.
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