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D ROY   13 June 2021

Taxation on payment of gslis amount on vrs- bsnl case

PLEASE INFORM ME WHETHER, PAYMENT OF GSLIS, ON RETIREMENT , FROM P&GS units of LIC of India, IS TAXABLE OR NOT?



 6 Replies

Sankaranarayanan (Advocate)     13 June 2021

Consult local chartered account or tax consultant 

SIVARAMAPRASAD KAPPAGANTU (Retired Manager)     14 June 2021

Yes, Chartered Accountant shall be in a better position to help you.

G.L.N. Prasad (Retired employee.)     14 June 2021

If the amount is taxable there should be Tax deduction at the source.  Search in google or file online RTI Application to Income tax dept., and with Rs.10/- you can get authentic clarification.

T. Kalaiselvan, Advocate (Advocate)     15 June 2021

As per section 80C of the Indian income tax act, an insured is eligible for the tax exemption on the payout received at the end of the term period. The limit for claiming tax benefits per year is up to 1.5 lakhs. The premium paid for the insured's family and spouse is also tax exempted.

 

D ROY   16 August 2021

ONLY MR. G.N.L PRASAD HAS SAID POSSIBLE WAY. BUT I WANT TO KNOW SPECIFIC FROM THIS FORUM. PLEASE HELP ME. I WILL BE VERY MUCH OBLIGED IF I RECEIVE SPECIFIC ANSWER.

G.L.N. Prasad (Retired employee.)     16 August 2021

The members in the dedicated forum have expertise in litigation and laws, Taxation is a separate issue and even the Income Tax dept may have separate smart interpretations skills in interpretation of simple clauses.  The information you receive for Rs.10/- (online) is the most valuable record to satisfy everyone.  Hope you will understand the practical issues involved in getting guidance from this forum.


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