my client received maturity amount of lic Rs.324000.it is exempt u/s 10 (10d).but TDs was deducted since he had not provided pan number. to claim TDs where he can show the maturity value. he has no other income.
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LIC maturity value
Replies (5)
If he not provide PAN than no TDS reflected in 26 AS
but it was reflected in 26 AS
policies where the premium is more than 10% of the policy amount... the refunded amount including bonus is taxable... If you have not claimed 80C deduction earlier...you can treat it as a capital asset and compute LTCG with indexation...
(but it was reflected in 26 AS)
Where is it showing...?
Which coloum & schedule...?
Where is it showing...?
Which coloum & schedule...?
Where the premium paid, is more than 10% of the sum assured – Any money received from a life insurance policy, where the premium is more than 10% or 20% of the sum assured as the case may be, is fully taxable.
Disclose the amount received under the head 'income from other sources' and pay tax according to the income tax slab.
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