E campaign for high value transaction

Received mail regarding e campaign for high value transaction dor AY 23-24. I Received 8 lacs 85 thousand rupees as maturity gain from life insurance which I thought taxfree so showed in exempted income. But came to know that all life insurance gains are not taxree. Now I Received mail and sent response that the information is correct in e campaign. Should I file updated return or should I wait?

Replies (5)
Quick Summary
This discussion addresses an individual's concern after receiving an e-campaign notice regarding a high-value transaction, specifically a life insurance maturity gain. Initially believed to be tax-free, it was later discovered that not all life insurance gains are exempt from tax. The user has confirmed the information with the tax authorities and is seeking advice on whether to file an updated return or wait, especially since TDS was deducted. The consensus is to file an updated return under Section 139(8A) to avoid potential notices under Section 148A.

You need to file an updated return, but it will be taxable only if TDS is deducted from it. DM me if you have any questions.

Thanks for your reply. Yes TDS was deducted.

If you need any help in filing an updated return, then please check your inbox

You need to file Updated Return u/s 139(8A), otherwise, you may get notice u/s 148A of the Income Tax Act.

Sec 139(8a) is the last resort .

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