Lic proceeds

Hi,

I have a doubt. My client has got 1,48,000/- LIC maturity proceeds and TDS of 1% has been deducted u/s 194DA. Is it understood that if bank has deducted TDS that means this proceeds is taxable or should I check 10%/20% premium criteria to check the taxability of this LIC maturity proceeds.

Thanks 

 

Replies (2)

TDS is deducted only of taxable. But you can check for conditions u/s 10(10D).
and also take benefit of Circular : No. 7/2003, dated 5-9-2003.
 

Hi,

My client's insurance policy got matured in A.Y. 2018-19. Total sum assured is 1,21,000 and total premium paid is 1,97,169 till Nov,2017. She has received Rs.1,48,000 and rest of the money she or her nominee will receive in future years.

Tds of 1% has been deducted u/s 44ADA. Please help me calculating the taxable amount.

Thanks 

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