Tax liability on income recd. at the time maturity of lic

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ACCOUNTANT
33 Points Posted on 31 July 2017

SIR/MADAM

I HAVE PAID ONE TIME PERMIUM RS. 7,00,000/- IN LIC ENDOWMENT PLAN IN YEAR 2010 . SUM ASSURED RS.7,70,000/-

I RECD. MATURITY AMT. RS. 11,10,020/- IN MY ACCOUNT IN 2016,

LIC DEDUCT TDS 1% (U/S 194DA) ON MATURITY AMT. OF RS.11,100/- AS TDS.

IS MY INCOME IN THIS POLICY IS TAXABLE  & HOW I CALULATE MY TAX LIABILITY IN THIS POLICY (IF ANY) ??

 

PLS. SUGGEST...

 

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On 31 July 2017 at 17:09 Report
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47 Points Posted on 31 July 2017
Maturity of lic endowment policies are excempted sec 10(10D). however the maturity of keyman insurence, pension policies cummutation is taxable
nothing to worry file your return to claim tds if you dont have any taxable income
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On 31 July 2017 at 18:27

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