What amount is taxable u/s 194da
in view of cbdt circular 7/2003 dated 05.09.2003, whether entire sum including bonus received under a non exempted lic policy as per 10(10d) is taxable or net of premium paid.
Replies (2)
Sir, Actually any sum received including any sum allocated by way of bonus if not exempt u/s.10(10D) is taxable. It should be gross. The reason being, you actually consider those premium u/s.80C under head "Life Insurance Premium"
Dear sir, please go through circular 7/2003, dated 05.09.2003, a sort of clarification to amendment made by finance act 2003 in section 10(10D) withdrawing exemption to policy sums where premium paid was in excess of 20% of the SA.
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