TAX EXEMPTION OF INSURANCE POLICY ON MATURITY

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134 Points Posted on 30 January 2024

Sir

if tds is deducted under sec 194DA does that mean that the policy maturity amount recd is taxable or can he claim exemption for  the amount recd in sec 10d.

thank you

sujatha

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On 30 January 2024 at 15:47 Report
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This discussion clarifies the taxability of insurance policy maturity amounts when Tax Deducted at Source (TDS) under Section 194DA has been applied. The consensus is that even if TDS is deducted, the maturity amount received is generally exempt from tax under Section 10(10D) of the Income Tax Act. Individuals can claim this exemption when filing their tax returns.

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Accountant
1227 Points Posted on 30 January 2024

TDS is deducted.

 

Can claim exemption u/s 10 while filing. 

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On 30 January 2024 at 17:19
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Profession
28271 Points Posted on 30 January 2024
Sec 10(10D) EXEMPTED
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On 30 January 2024 at 18:23
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134 Points Posted on 31 January 2024

thank you very much for your reply

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On 31 January 2024 at 10:05

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