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The Central Board of Directed Taxes (CBDT) has notified the computation of income chargeable to tax for the amount received under the life insurance policy.The CBDT has inserted Rule 11UACA in the...
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.
A tax case pending in the United States Supreme Court, Moore v. United States, may cause a cataclysmic change in the federal income tax. The 16th Amendment to the United States...
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