What will be the taxability of amount received from Insurance company u/s 194 Da as TDS is deducted on Gross amount (let say 2 lac) but assessee has paid 80k premium also..So will we take 2 lac as income or 120000 (2 lac- 80k) for taxability purpose ?
Receipt of amount from insurance company is Exempt under 10(10D). TDS deducted @ 1% under 194DA can be claimed in TDS schedule. Show Insurance receipt in EI schedule
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