TDS applicable for life insurance

[Velayutham Panchatcharam]

Insurance taken for father / mother / any dependent is eligible for deduction under section 80C as per new circular no.20/2015 dated 02-Dec-2015

AI Summary

Clarification on TDS applicability for life insurance: Section 80C allows deductions for premiums paid for family, up to 1,50,000. A discussion on the applicability of TDS for life insurance highlights a query about tax deductions under Section 80C. A circular dated December 2, 2015, confirms that insurance taken for a parent or dependent qualifies for deductions. A participant clarifies that Section 80C allows deductions for insurance premiums paid for an individual, their spouse, or children, up to 1,50,000. Another participant corrects a reference from 'notification' to 'circular.' The discussion emphasizes the need to verify the circular's details for accurate application of tax benefits.