Tds lic maturity amt

Quick Summary
This discussion clarifies the tax treatment of LIC maturity amounts, particularly concerning TDS. While LIC may deduct TDS on the gross maturity amount, the taxable income for 'other sources' is generally the maturity amount minus all premiums paid. However, the taxability of LIC maturity depends on when the policy was issued and if premiums paid exceed certain thresholds (10% or 20% of the sum assured). For policies issued after 1st September 2019, TDS is deducted at 5% on the net taxable income (maturity minus premiums), which helps align Form 26AS with your tax return. For older policies, there might be a mismatch between Form 26AS and your actual taxable income, which can be rectified in your IT return.

Agree with Raghavendra Kamath ji.
The amount gets reflected in OS schedule from form 26AS because it's auto populated system, you have a edit option in schedule OS to edit that figure.
In TDS return which is file by insurance company and reflected in 26AS, there is no option to write taxable amount (i.e Maturity value less all Premium paid), it have a only option to fill is amount paid /credited in TDS return, so because of that this issue arise.

But income which is taxable under others sources is only maturity value less all Premium paid.
No. It is entire proceeds only. premium paid cannot be deducted as provision to claim up to 10% (or 20% previously is given in the year of premium payment) u/s 80c
Here is extract of FINANCE (No.2) BILL, 2019 for your reference

"TDS on non exempt portion of life insurance pay-out on net basis.

Under section 194DA of the Act, a person is obliged to deduct tax at source, if it pays any sum to a resident under a life insurance policy, which is not exempt under sub-section (10D) of section 10.
The present requirement is to deduct tax at the rate of one per cent. of such sum at the time of payment. Several concerns have been expressed that deducting tax on gross amount creates difficulties to an assesse who otherwise has to pay tax on net income (i.e after deducting the amount of insurance premium
paid by him from the total sum received). From the point of views of tax administration as well, it is preferable to deduct tax on net income so that the income as per TDS return of the deductor can be matched automatically with the return of income filed by the assessee. The person who is paying a sum to a resident under a life insurance policy is aware of the amount of insurance premium paid by the assessee. Hence, it is proposed to provide for tax deduction at source at the rate of five per cent. on income component of the sum paid by the person.

This amendment shall be effective from 1st September, 2019."

Hence, it's clear that only Maturity amount less all Premium paid is taxable as other sources.

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