Bonus

2% TDS is applicable from maturity proceeds of a life insurance policy if the premium paid is more than 10 per cent of the sum assured.  TDS is not applicable if the aggregate sum paid in a financial year to an assessee is less than Rs 1 lakh. Currently, under section 10(10D) of the Income Tax Act, any sum received from a life insurer is not taxable if the premium payable is upto 10 % of the sum assured. Tax would be payable as per your tax slab if the premium exceeded the 10 per cent amount

its a salary bonus,,,not lic bonus

As per Sec-159 of income tax act legal representative / legal heir are liable for tax of the deceased person so you will be liable to pay on bonus received after death of your father

thank you very much sir...

Mr.Kunal,

Bonus also part of salary and you havent mentioned the amount of bonus.

If the bouns amount is not crossed the limit of income tax slap, then there is no need to deduct tds.

If my view is mistake, Pls. anyone let me know.