Dear Friend,
LIC presently deducted TDS @ 2% on maturity on total amount (Premium paid + Bonus). I have got the amount after 9 years from my date of commencement. My tax slub is 20% how can I calculate tax when I will submit ITR. Am I liable for pay any tax on LIC maturity.
Thanks
You can rea the answer here /forum/amount-received-on-maturity-of-lic-182064.asp If its covered under section 10, entire amount is exmpted and when you file ITR, under exempt income please mention the entire amount.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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