Dear sir my friend got insurance amount for her husband death in road accident and tds deducted u/s 194A is it taxable income? which ITR have to be filed?
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Death benefit from insurance company and tds u/s 194
Replies (8)
Not taxable. ... except interest part....
If no other income......... file ITR1
Thank you sir, she have salary income also, where to show her Insurance income?
Being exempted income, under schedule 'EI' ....
Interest under 'IFOS'
Thank you again sir, but I couldn't get 'El' meaning, would you explain please?
ITR 1....... PAGE: TAX PAID & VERIFICATION........
| Exempt income (For reporting Purposes) | |||||||
| (i) | Sec.10(38) | ||||||
| (ii) | Sec.10(34) | ||||||
| (iii) | Agriculture Income (≤ Rs.5000) | ||||||
| (iv) | Others | ||||||||
| S.No. | Nature of Income | Amount | |||||||
| 1 | |||||||||
what about matured sum received from insurance on which tds u/s 194 DA is deducted
The policies which are not exempted u/s. 10(10D), and if the redemption proceed be more than 1 lakh, are subject to TDS u/s.194DA.......... usually taxable.....
But the provisions of sub-clauses (c) and (d) of section 10(10D) do not apply to any sum received on the death of a person. So there should not have been any TDs u/s 194DA.
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