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.
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What to do in this case.
Replies (2)
"Is this amount is tax free then why they deducted TDS."
That gives the answer, that this amount is not tax-exempt........ but taxable....
& hence she has to pay the required self asessment tax....
normally insurer deduct TDS on @ 1% on maturity amounts even it's tax free. if the policy is taken before 01/04/2012 and the premium paid is less than 20% of sum assured, then the maturity amounts are exempted. if the policy is taken after 01/04/2012, then replace 20% by 10%
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