Vijay Mohan (371 Points)27 July 2019
year for a period of 5 years. on matured amount TDs was deducted @ 20%. UNDER what head matured amount will be shown.
Replied 27 July 2019
1. If TDS was deducted on the same I am assuming it is not exempted u/s 10(10D). As per sec 194DA TDS on the maturity of policy will be deducted @ 1% if the matured amount is more than Rs. 1,00,000 and the same is not covered u/s exemption u/s 10(10D).
2. In the above case make sure it is an insurance policy. If it is an insurance policy the matured amount will be taxable under the head Income from Other Sources.
Please correct me if the above solution has an alternative view.