Hi Friends:
I opted to quit working at the age of 58 years and 6 months. The retirement age at my company is 60 years. I also decided to withdraw my Superannuation amount which is being managed by LIC. I withdrew 1/3 the amount while I invested the other 2/3 in a LIC Annuity Scheme.
I find that LIC has deducted TDS on the 1/3 amount which I withdrew. My understanding is that Tax is exempt from the amount withdrawn if I invest the other 2/3 in a LIC Annuity Scheme. Can I seek a IT Refund on the TDS deducted by LIC ?
Regards
Harish.