The key information sources under this information category are as under:
S.No | Information Source | Information Description |
1 | Receipts from life insurance policy (Section 194DA) | Receipts from life insurance policy are exempt under section 10(10D) subject to conditions specified there in. If such conditions are not met, the receipts become taxable and taxis also deducted u/s 194DA. The information is reported by the payer in Form 26Q on a quarterly basis. This information is provided by the deductor to the deductee (taxpayer) in Form 16A |
The approach for AIS processing and information handling is as under:
Insurance company/Deductor while making payment in respect of life insurance policy deducts TDS and reports the same in TDS form 26Q. Amount received from life insurance policy is taxable in the hands of recipient under the head income from other sources.
The AIS information level feedback can be used for providing following inputs:
Information is correct
Income is not taxable
Information is not fully correct: This functionality can be used to modify key attributes (e.g.Account Number, Account Type in case of interest), Information value etc.
Information relates to other PAN/Year
Information is duplicate / included in other information
Information is denied
The feedback provided by taxpayer will be shown separately in AIS and will update the value in Taxpayer Information Summary (TIS).
Receipts from life insurance policy will be reflected in Taxpayer Information Summary (TIS) and shall be shown in respective field in Schedule OS.
All deductions and depreciation u/s 57 from other source income to be claimed in the return.
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