What is the tax liability
This query is : Resolved
jatinpambhar@gmail.com
(Querist)
23 November 2012
dear sir,
my query is that a person has invested in life time super pension scheme of icici prudential company for 10 year. he has invested rs. 125000 per year on which deduction is claimed u/s 80/c of i.t act.
after 5 year but before the maturity amt of rs. 691000 received against total invested amt of rs.625000 (i.e 125000*5) icici prudential not deducted any t.d.s on it. now realised what will be procedure under income tax act 1956.
my query is that a person has invested in life time super pension scheme of icici prudential company for 10 year. he has invested rs. 125000 per year on which deduction is claimed u/s 80/c of i.t act.
after 5 year but before the maturity amt of rs. 691000 received against total invested amt of rs.625000 (i.e 125000*5) icici prudential not deducted any t.d.s on it. now realised what will be procedure under income tax act 1956.
CA Hardik Bunha
(Expert)
23 November 2012
the whole income received is tax free. as you have remain investment for 5 year lock in period.
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