Respected Sir / Madam,
my assessee is received a sum from lic amounting to Rs. 6,60,000. LIC deduct tax @ 2% as per section 194DA, which is compulsary because amount is more than 1 lac. My question is - what is the treatment of sum amounting to Rs. 6,60,000 in income tax return? whether the whole amount is taxable or not?
