2008 Taxable Income
February 29th, 2008
Question: Is the income received on maturity of LIC policy in India taxable as per Income Tax rules in India?
If the DD for the above item is dated in March 2008 encashed in April 2008, to which year the income is to be accounted?
Answer: It is not taxable as yet. So it is a tax free receipt.
When there is no question of tax, in which year to credit dose not arise.
31.3.2008 Cr. LIC Policy No.123456 maturity amt. Rs. xxx
Dr. LIC maturity amt A/c. to be received Rs. xxx10.4.2008 Cr. LIC maturity amt A/c. received Rs.xxx
Dr. Bank A/c..LIC maturity amt. DD No.....Rs.xxx
Beacon Hill Roll Call: Dec. 21-25
There were no roll call votes in the House or Senate last week. Beacon Hill Roll Call this week examines the 2009 salaries and other benefits received by the Bay State’s 160 state representatives.
No one owes taxes
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