Maturity Proceeds of life insurance policy.
Section: 194DA
Payer: Any person
Payee: Any resident
Nature of payment: Any sum under a life insurance policy, including the sum allocated by way of bonus on such policy.
No Tds:
- Amount Less than ₹1,00,000.
- Amount exempt u/s 10(10D)
Tds rate: 1%
Note: Tds required to be made on Maturity proceeds less premium paid
Source " income tax india"
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