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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.
Let's hope this is not another case of a tax not being a tax.