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Hi all,
Tds has been deducted u/s 194 DA @ 2%,for the proceeds under life insurance policy amounting Rs 42,000.As per section 194 DA,Tds is Deducted only for those policies which donot come under the ambit of Section 10(10D) i.e,Tds is deducted for those proceeds which are not Exempt. Still I have to confirm about the proceeds of Rs 20,58000 that I have Received,Total maturity proceeds was Rs 20,58000 +42000(tds)=Rs 21,00,000.And total premium paid by me is Rs 15,00,000. If its taxable with the entire proceeds received be taxed i.e Rs 21,00,000 or the amount received less premium paid,i.e (21,00,000-15,00,000)=Rs 6,00,000, If yes then under which head?? |
