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.
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.