Proceeds of high-premium Unit Linked Insurance Plans (ULIPs) have been made taxable to create a "level-playing field" with mutual funds, official sources said on Monday.
The Central Board of Direct Taxes (CBDT), which frames policy for the income tax department, had on January 18 notified the rules stating the method of calculation of capital gains with regard to ULIPs with an annual premium of more than Rs 2.5 lakh and subsequently issued a circular the next day charting out various as ...
