lic policy maturity amount received how to shown in itr
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Quick Summary
This discussion covers various tax-related queries, including how to report life insurance maturity amounts in your Income Tax Return (ITR) and whether Tax Deducted at Source (TDS) applies. It also clarifies tax implications for share broker income, GST filing errors, PAN card retrieval, and mandatory GST annual returns. Additionally, it touches upon TDS on interest and property transactions, and GST registration timelines.
Check that your Sum assured is more than 10 times the Annual Premium. Than it's exempted under Section 10(10D). You have to report that under Exempt Income Section in ITR.
1. Share broker earning commission and brokerage income is taxable as business income under head "Profit and Gain from Business and Profession" 2. If amount of this brokerage is small and you have other major income like Salary Income than you can show that income as income from other sources.