Respected expert,
One of my salaried colleagues received LIC deposited/policy mature amount.TDS deducted on that amount which is shown on 26AS.It is also shown in Schedule-2 of online ITR-1.When this amount filled in 'other bank income' on ITR-1 form,lastly it shows assessment tax.
1)She has to pay assessment tax.
2)Where to show this amount ?
3)If this amount does not show on form,she may receive notice.
4)Is this amount is tax free then why they deducted TDS.
Please guide on above arising questions.
CAclubindia
