Hi,
as per the latest budget, there is a mandate of 1% tds on insurance policy maturity/surrender.
Currently the insurance companies are deducting 1% tds if pan available or 20% tds on non-availibility of pan number.
my querry is that if one wants to recover the tax deducted on such pay outs by filing income tax return for that assessment year, under what head will he/she have to file the returns as?
My assumption here is that the pay out received after 1% tds is exempt under section 10(10)d of the IT act.
Appreciate your feedback.
CAclubindia
