Latest Expert Exchange Queries

GST Demo Service software link: https://ims.go2customer.com
Username: demouser Password: demopass
Get your inventory and invoicing software GST Ready from Binarysoft info@binarysoft.com
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
 
 
 
 
Popular Search: ARTICLES ON INPUT TAX CREDIT IN VAT :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: articles on VAT and GST in India :: ACCOUNTING STANDARDS :: TDS :: Central Excise rule to resale the machines to a new company :: cpt :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: due date for vat payment :: TAX RATES - GOODS TAXABLE @ 4% :: VAT Audit :: VAT RATES :: empanelment
 
 
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
vishal
nadiad
5,91,500 is taxable and lic premium paid is not allowed as deduction there is no clarification
about lic premium paid is allowed as expenses or not?

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.


Your response on above question
Message:
Name:
Place:
E-mail:
Maths Captcha
What is 2 + 4:
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Company Overview

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions