How do I report LIC payouts in my ITR?
We understand that you had purchased a life insurance policy from LIC in 2013 and had made a one-time premium payment of ₹100,155 towards purchasing this policy.
Source: livemint.com
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I-T Department Introduces New Rules For High Life Insurance Premiums; Check DEETS Here
If you take out a life insurance policy with an annual premium of more than Rs 5 lakh, the maturity proceeds will be taxable.
Source: india.com
Are maturity proceeds of single premium policy fully taxable?
Maturity proceeds under single-premium life insurance policies are not exempt. Premiums exceeding 10% of the sum assured are taxable. Indexation benefits may be available for long-term capital gains
Source: livemint.com
Life insurance companies stare at life beyond tax tweaks
Insurance Regulatory and Development Authority of India’s (IRDAI) monthly data shows that the annualized premium equivalent (APE) has been muted for the first two months of FY24.
Source: livemint.com