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hanif

Category : Exempt L..,

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September 5, 2019 3:13 pm

Hello Amlan, I have a query,as you are aware there are some changes from September 1st, 2019 including insurance policy also.i have 2 LIC policies of Rs 50000 and Rs 1 lac respectively opened in 1991 (both) for 31 and 35 years resp. I am paying premium yearly for one policy is rs 1550/- and other po...

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Amlan Dutta

The proposed changes are only for taxable proceeds. Hence, first check whether your policy proceeds are taxable or exempt u/s 10(10 D)
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The proposed changes are only for taxable proceeds. Hence, first check whether your policy proceeds are taxable or exempt u/s 10(10 D)
Here, since insurance policies taken before 2012 For this, first, compute whether the premium that you pay exceed 20 % of the sum assured(since policy taken before 2012 ). Only in the case where they do , the maturity proceeds become taxable and shall not be exempt under 10 (10D) ...
1.) For first policy, sum assured 50,000 and so 20 % of 50,000 = 0.2 x 50000 = 10000 rs and premium paid is 1550, so premium paid does not exceed 20 % of sum assured ,so maturity proceeds won't be taxable

2.) Likewise for second policy, sum assured is 1 lakh, 20 % would be 20,000 and premium paid is 2700 which is much below 20 %, so again maturity proceeds won't be taxable

In your case , there won't be any TDS since proceeds are exempt ...Just so that you know , in the Budget 2019, it has been proposed that from September 1, 2019, only on taxable proceeds , 5 per cent TDS on non exempt portion of life insurance pay-out will be charged on net basis (i.e. total maturity amount – total premium paid), instead of deducting 1% tax from entire maturity amount under section 194 IA . TDS shall be deducted only if maturity exceeds one lakh rupees.

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December 8, 2019

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Amlan Dutta

The proposed changes are only for taxable proceeds. Hence, first check whether your policy proceeds are taxable or exempt u/s 10(10 D)
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December 8, 2019

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Avinash Ranjan

Category : Rectific..,

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September 1, 2019 10:53 pm

Hi Amlan, Since long I am trying to fill rectification for it but unable to do so ..My father have paid some income tax through challan with wrong FY and later on corrected it by dropping an application mail to local It officer. Now I want return from FY 17-18 (AY 18-19 ) as the extra amount paid ...

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Prashant

Category : HOW TO M.., Tax paym..,

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September 1, 2019 2:13 am

1] I have submitted ITR form but I have to pay tax. Where can I pay post submission of ITR form? I checked https://www.incometaxindia.gov.in/Pages/tax-services/pay-tax-online.aspx with CHALLAN NO./ITNS 280 but that does not allow me to consider payment for FY2018-19. is this correct url for individ...

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Amlan Dutta

1.) You will pay self assessment tax using challan 280 and claim credit in tax return in schedule IT before uploading tax return. You can refer to my tutorial for doing this online.
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December 9, 2019

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Priya Ranjan Mishra

Category : Income t..,

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August 31, 2019 10:26 pm

Hi Sir,If ULIP insurance policy is surrendered before maturity date , will the proceeds be taxable?If taxable :1-- the proceeds come under which income?

Amlan Dutta

Amlan Dutta

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Amlan Dutta

Insurance policies become taxable if surrendered before maturity date ...........the proceeds shall be taxable as income under other sources ...note the amount you pay towards premium don't count as income unless otherwise those have been taken under 80 C ..If benefit taken , then such benefit to b...

December 9, 2019

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