Menu
Section194DA
Insurance company has paid RS.139615/- and deducted tax @ 1% u/s sec.194DA.may I show that amount as an exempted income in itr 1 being a salaried individual.
Replies (1)
It's not exempt...if premium is more than 10%/20% as the case may be of sum assured.
Incase an assessee receives LIC maturity which is not exempt u/s 10(10D), (as in your case ) than [ Maturity Amount less all Premium paid ] by you is taxable as income from other sources. and you can claim TDS which is deducted, in your IT return.
So, Total/Gross amount is not taxable, only Income portion is taxable.(i.e Maturity amount-all premium paid)
Incase an assessee receives LIC maturity which is not exempt u/s 10(10D), (as in your case ) than [ Maturity Amount less all Premium paid ] by you is taxable as income from other sources. and you can claim TDS which is deducted, in your IT return.
So, Total/Gross amount is not taxable, only Income portion is taxable.(i.e Maturity amount-all premium paid)
Recent Topic
- Gift recd from brother
- How to show Loan write off in DPT 3?
- Form 10E and Salary arrear
- LTCG U/S 54F. Sale of property plus sale of share
- Issue with ITR2 online utility for HUF
- TDS deducted by EPFO under wrong section
- Schedule SI in ITR-2
- What is the easy way to do CA- through foundation
- Schedule FA query for this AY 2026-27
- Business income source for husband and wife
CAclubindia
