" FROM NOW, 20% TDS FROM LIC MATURED AMOUNTS "..
From now, If any matured amount ( whether Money back / surrender value / any proceeds ) exceeds of Rs 1 LAC within a year from LIC of India , then LICI can deduct TDS 20% ( for Policy holders having No PAN card ) & 2% ( with PAN ) from their matured figures.
Regards
Thanks.... But TDS is applicable only on LIC policies whose maturities are not exempt u/s10
(10D). For exempt policies no TDS is applicable
Any sum received including bonus under life insurances policies which is not exempted u/s 10(10D) of the IT ACT , 1961 WOULD NOW BE SUBJECT TO DEDUCTION OF TAX AT SOURCE @ 2%.
Regards
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
CA Foundation
View Details
Interactive Media Pvt Ltd.
New Delhi
CA Inter
View Details
Twenty Point Nine Five Ventures Private Limited
Noida
CA Inter
View Details
CCI
Pro
CAclubindia
