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Income tax return
Hi! I have income from salary only. This F.Y. I have received L.I.C.Amount (Policy matured). Pls. inform how should I treat this treatment in my return (ITR-1).
Replies (11)
Dear Hemang, amount received from lic is non taxable income. Regards
The maturity proceeds received by you are exempt under Section 10(10D) and should be shown under exempt income.
this income is exempt
should this add in Total income & then to deduct under s.10D ?
It is an exempt income.. It never forms part of income... Deductions are different ... So no need to add and deduct. Show it under exempt income.
this amount exempted under section 10 (10d but u should show this amount in itr
EXEMPTIONS ARE ON INCOMES.
AND
DEDUCTIONS ARE ON EXPENSES.
Section 10(10D) is not in ITR1 (2015-16) . now who I show Income from LIC money back that received after 4 year of policy?
THERE IS COLOUM OF EXEMPTED INCOME SO YOU FILL THERE
What happen if I forgot to show Income from LIC :-
Is there any penality or I need to re-submit my ITR-1?
Is that amount I will show in my NO-1 Income if I forgot to show under my EXEMPTED Income?
its depends on amount . and acutully if forgetted then revised your return
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