Can we deduct previously paid insurance premium amounts from the maturity amount recieved, inorder to decrease taxable income????
The plan is HDFC SL Sampoorn Samridhi.
Those are already taken as deductions in previous 5 Years u/s 80C
Can we deduct previously paid insurance premium amounts from the maturity amount recieved, inorder to decrease taxable income????
The plan is HDFC SL Sampoorn Samridhi.
Those are already taken as deductions in previous 5 Years u/s 80C
No.
(for policies where sec. 10(10D) of IT act, is not applicable)
yes they deducted TDS u/s 194 DA @ 1%
Thanq sir. That amount is not satisfying sec 10(10D) conditions but the insurance company advised my client to deduct previously paid insurance premiums from that maturity amount.
note: Insurance company just advised & they clearly mentioned not to follow that blindly without tax consultant's opinion
thanQ guys. Can you please mention the section on which basis we can deduct those paid premiums ? Because I want the source for much clarity to face further notices from department if any.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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