dear sir.... I received maturity of policy amount on which bank has deducted 1% TDS u/s 194DA .....so now whether full maturity amount will be taxable as IFOS or only bonus element in maturity value ?
If premium paid at any time exceeds 10% of the sum assured then any amount received on maturity of a life insurance policy or amount received as bonus is fully taxable from Income Tax under income head income from other sources.
CAclubindia
