News From Press How exemptions for insurance policies work

How exemptions for insurance policies work

Source: livemint Aug 21, 2023

The Finance Act, 2023, amended section 10(10D) of the Income Tax (I-T) Act to remove the exemption available to sum received from a life insurance policy in case the aggregate premium for all policies issued on or after the 1 April exceeds ₹5 lakh. On 16 August, the Central Board of Direct Taxes issued a circular clarifying this.

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