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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