15 March 2014
Dear Rahul, LIC maturity is exempt u/s 10 10(d).Therefore no tds is required to be deducted.
However any sum (not including the premium paid by the assessee) received under an insurance policy issued on or after the 1st day of April, 2003 in respect of which the premium payable for any of the years during the term of the policy exceeds 20% of the actual capital sum assured will no longer be exempted under this section. - See more at: http://www.simpletaxindia.net/2010/03/life-insurance-premium-maturity-tax.html#sthash.5qLChRd6.dpuf
15 March 2014
Dear Sir, Thanks to response. But my LIC agent told me that there would be deduction of TDS on maturity amount as per interest slab as 10000/- or above.
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