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The Advance Tax collections for Financial Year 2023-24 as on September 16 stand at Rs. 3.55 lakh crore as compared to Rs 2.94 lakh crore for the corresponding period of previous fiscal.

Under the new provision, policies issued on or after April 1, 2023, will be exempted from tax only if the total aggregate premium does not exceed Rs 5 lakh annually.

The Central Board of Direct Taxes (CBDT) has notified the Income Tax Amendment (Sixteenth Amendment), Rules, 2023, prescribing rule 11UACA for calculating income with respect to sum received upon maturity of life insurance policies.

For policies issued on or after April 1, 2023, the tax exemption on maturity benefits under Section 10(10D) will only be applicable if the aggregate premium paid is up to Rs 5 lakh a year

The Income Tax department has prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.

The Income Tax department on Wednesday prescribed a mechanism for calculating income proceeds from life insurance policies where aggregate annual premium exceeds Rs 5 lakh.

The Indian Central Board of Direct Taxes (CBDT) has introduced a mechanism for calculating income from life insurance policies where the aggregate annual premium is over Rs 5 lakh. The taxation provision for the amount received on the death of an insured has not been changed and that continues to remain exempt from income tax.

The Finance Ministry and the Department for Promotion of Industry and Internal Trade (DPIIT) were discussing guidelines to provide clarity on angel tax

The Finance Ministry has exempted the Central Board of Secondary Education (CBSE) from paying income tax on earnings from examination fees, sale of text books and publications, besides others

by Stephen Chapman Soreen is investing in a national advertising campaign for its new product, Soreen Fruit & Veg-Mmms. The creative, which has been designed by Cheetham Bell, will focus on getting more fruit and vegetables into a child’s diet. “The best ideas are often the simplest. After sampling the cakey bakes, we were so confident that kids would love the taste of Soreen’s Fruit & Veg-Mmms that we created a campaign centred around children’s honest reactions to the new product, and...