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Do i need to mention my insurance payouts in extra income
05-Aug-2023 (In Tax Law)
Dear Sir, In last FY , one of my policy got matured and i received its payout with 2% TDS (deduction at source) and my salary belongs to 30% tax bracket. While filling the income tax returns , Do i need mention my insurance payouts in extra income and do i need to pay any tax on this payout additionally ? Your Guidance is much needed.
Yes, your policies maturity amount is taxable. Which would be consider as other source of income. As your TDS already deducted then it can be calculate through your all income & TDS details, whether you are still liable to pay tax or not. Feel free to ask any tax assistance.
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Adv. Patrika Gupta
Ghaziabad | 25+ Answers
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