Income tax rebate

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TAX PRACTITIONER
293 Points Posted on 23 August 2020
dear sir,
my client received Lic payment
7 lakh rs. this Amount Taxable or exempted under income tax.
If exempted plz Tell me section.
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On 23 August 2020 at 20:29 Report
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Quick Summary
This discussion clarifies the taxability of LIC payments. Generally, if the premium paid is more than 10% of the sum assured, the payment is taxable. However, if the premium is 10% or less, it's exempt under Section 10(10D) of the Income Tax Act. It also addresses whether TDS under Section 194DA is deducted by the insurance company from the maturity amount.

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Tax and Business Consultant
11616 Points Posted on 23 August 2020
Is TDS u/s 194DA deducted from maturity amount of LIC or not by insurance company/LIC.??
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On 23 August 2020 at 20:52
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131 Points Posted on 23 August 2020
Where the premium paid to LIC is more then 10% of sum assured then it is taxable other it is exempt u/s 10(10D)
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On 23 August 2020 at 21:12

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