" 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
O P Bagla & Co LLP
New Delhi
CA Inter
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Boutique Investment Bank & Transaction Advisory Firm
Gurgaon
CA
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CAclubindia
