New income tax rules: Proceeds from ULIP for annual premium above ₹2.50 lakh and life insurance policy for annual premium above ₹5 lakh will be taxable in FY24
New Delhi: The announcements made by the Union Finance Minister Nirmala Sitharaman in the annual budget on February 1 will come into effect with the start of a new financial year (FY) 2023-24 on April 1, 2023. These changes will range from the adoption of the new income tax regime, tweaked income tax slabs to no LTCG tax benefit on some of the debt mutual funds. Let’s take a