The proposed new income tax slab rates - a lower rate without any tax deductions - may put some money in the hands of taxpayers but would affect the agents selling life or general insurance policies and post office saving instruments, said a top leader of the state-run LIC agents' association.
"In India, a life insurance policy is sold and not bought. It is a social security product. The new tax rates give the option to the tax payer to pay tax without opting for tax saving measures such as buying insurance policies like life, health, or investing in public provident fund (PPF) and others," P.G. Dileep, General Secretary, LIC Agents' Organisation of India.
