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Tds on ulip proceeds

Tax queries 499 views 1 replies

Hello.  I have salary income of 8 lakh pa.

Tax planning was made on this basis, in April 2014.

Then, i received maturity proceeds from LIC-ULIP bima plus-  of Rs 6 lakh in Mar15.

LIC did tds of 2% to it.   It is showing in my form 26AS.

So my planning went wrong.

Which itr form should I use?   Is there any way to get this tds refund?   This ULIP was of 10 yrs duration.  Invested in Equity fund.  Can I get LTCG benefit?

Please guide me.

 

 

Replies (1)

In order to get TDS refund, you are required only to e-file Income Tax Return. And, since you are salaried, you can use ITR 1 to e-file your Income Tax Return. While filing your Income Tax Return online, you need to enter the Form 16 details as place specified in ITR form. Once you are done e-filing, you will get ITR-V receipt (if you are not using digital signature while e-filing Income Tax Return). Now, in order to verify your e-filing, you will have to either verify your e-filing by sending the completely filled ITR-V form to CPC (Central Processing Center), bangalore within 120 days of filing your Income Tax Return via ordinary post or speed post only or you can verify your e-filing by authenticating your Aadhar number using One time password which you will receive on the mobile number linked to your Aadhar number. Once you are done verifying your e-filing, your Income Tax Return will get processed and you will get intimation of that via emil intimation u/s 143(1). 

So, after your Income Tax Return gets processed, you will be sectioned the refund (if any).

You can check the status of your refund at following link.

https://tin.tin.nsdl.com/oltas/refundstatuslogin.H T M L

Hope this helps,

Regards,

Prashant

 


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