it assess Exide life insurance rs:1,00,000/- yearly*10 years total rs:10 lacs lic premium paid up to 19-20 year.
but assess rs:12 lacs and tds some amount deducted under sec 194da from Exide life insurance in f.y.20-21.
question:
1.assess lic maturity total amount taxable or exempted
2.how to calculate procedure income from Exide life insurance.
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Sec 194da lic maturity taxable or exempted
Replies (4)
Quick Summary
1. As TDS is deducted u/s. 194DA, it means the Assured Value of the policy must be less than 10 lakhs.
If yes, it is taxable.
2. TDS should have been calculated on the taxable income of Rs. 2 lakhs.
It is taxable
Agree with same
Agree with same
Sir, maturity amount rs:12 lacs -assured value rs:10 lacs. difference rs:2 lacs.but rs:90,000/- tds rs:3500/- sec 194da as per 26as in f.y.20-21.
1. There are many inconsistencies in the data. The policy data needs scrutiny.
2. The TDS should not have been deducted if the premium was Rs. 1 lakh for Assured value of 10 lakhs.
3. The TDS deduction on Rs. 90000/- is not traceable from above.
4. The TDS deducted is over 70000/-, not answerable.
From the available data 2 lakh be maximum taxable amount, if at all it be taxable!!!
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