For everybody who has taken a life insurance, please note:
As per Finance Act 2014, TDS at 2% will apply on life insurance policies, if the total payouts received across all your policies in FY 2014-15 is Rs.1 lakh and above. If the PAN details are not updated on the policy, TDS at 20% will be deducted.
This will apply if you receive payouts of Rs. 1 lakh and above across all the policies in a financial year.
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