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Expert Exchange Home: Direct Tax Ask a Question
AuthorQuestion Title
CA JAIKUMAR JAIN
JODHPUR
AMOUNT RECEIVED FROM LIC WITH TDS

I PAID AMOUNT OF RS. 140000/- P.A. AGAINST SUM ASSURED OF RS. 500000/- FOR THE PERIOD OF 5 YEARS.
NOW I GET BACK RS. 500000/- ALONG WITH BONUS OF RS. 91500/- AND TDS WAS MADE OF RS. 11830/-. NOW
WHAT SUM IS TAXABLE IN MY HANDS.
Replies
Jejeram Ghule
Pune
The amount of premium paid on a single premium endowment plan exceeds of 10% of sum assured is
required to deduct TDS.hence the total sum received =591500 is required to deduct TDS @1% w.e.f.1st
june 2016

k k sarawagi
Hyderabad
The amount of premium paid in a single year exceeds 20% / 10% of the policy amount depending on the
month and year in which policy has been taken. Hence, the sum received by you is not exempt u/s
10(10D) of the Income-tax Act, and tax has been deducted @ 2% on the entire sum. Rate of TDS has
been reduced to 1% w.e.f. 1st June 2016.


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