Budget 2014-15: TDS on Life Insurance Policy..

Life Insurance Policy receipts other than mentioned in Section 10(10D) viz. Key man Insurance Policy, Investment Policy, Single Premium Policy etc., are now subjected to TDS (Tax deduct at Source) at the time of withdrawal at the rate of 2% if the withdrawal including bonus exceeds Rs. 1 lakh . It applicable from October, 1 2014.


So, there will be substantial withdrawal before October 1,  2014 to protect 2 per cent.
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