What is the tax liability
This query is : Resolved
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.
23 November 2012
the whole income received is tax free. as you have remain investment for 5 year lock in period.
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
- Difference between Date of Payment and Date of Deduction?
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Unregistered suppliers utility
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- ITR 4 and Bank transactions
- Bank details not Visible on Traces Portal
- Taxability of Partnership firm for FY 2025-26
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Cash balance limit and property purchases limit
- EXPORT COMMERCIAL INVOICE HSN CODE
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
