Tds on lic premium
This query is : Resolved
24 December 2015
What is the rationality in deducting tds on lic maturity though the maturity proceeds are fully exempt. Whether any portion of the proceeds are taxable.
24 December 2015
https://taxguru.in/income-tax/latest-amendments-life-insurance-policies-eligible-deduction-80c-income-tax-act-1961-tds.html
04 October 2021
Yes, when the policy is not eligible for exemption u/s. 10(10D) of IT act, its surrender value or maturity value is taxable, & hence TDS is deducted from such value.
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