The Finance Act of 2023 amended Clause (10D) of Section 10 of the Income-Tax Act, 1961. Beginning from the assessment year 2024-25, any sum received under a life insurance policy (excluding unit-linked insurance policies) issued on or after April 1, 2023, will no longer be exempt under this clause if the premium payable for any of the previous years during the term of the policy exceeds ________-.
The Central Board of Direct Taxes (CBDT) has released detailed guidelines concerning the alterations in the taxation of life insurance policies under clause (10D) of Section 10 of the Income-Tax Act, 1961. According to Section 10(10D), any amount received from a life insurance policy, including bonuses, is exempt from taxation. However, if the premium paid surpasses the prescribed limits, no exemption will be provided, except in the event of the death of the policyholder. The Finance Act of 2023 amended Clause (10D) of Section 10 of the Income-Tax Act, 1961. Beginning from the assessment year 2024-25, any sum received under a life insurance policy (excluding unit-linked insurance policies) issued on or after April 1, 2023, will no longer be exempt under this clause if the premium payable for any of the previous years during the term of the policy exceeds Rs 5 lakh. Additionally, if the premium is payable for more than one life insurance policy (other than a unit-linked insurance policy), issued on or after April 1, 2023, the exemption under this clause will only be applicable to those policies where the total premium does not go beyond Rs 5 lakh for any of the previous years during the term of any of those policies. Importantly, these new provisions will not apply to the sum insured received upon the death of a person.
Which of the following is not considered unpublished price sensitive information?
Specific Performance of a contract does not mean_______________
What are the types of Guarantees?
As per section 48 of the Prevention of Money-Laundering Act, 2002 which are the classes of Authorities under the Act?
Documents relating to land shall be presented for registration:
In the case of Bachan Singh v. State of Punjab the Court held that_______________
As per the Contract Act reasonable time for the performance of a contract is a ______________
The Chairman and members of FSSAI shall hold office for a term of
Which of the following Administrative Ministry are responsible for the implementation of Fruit Products Order, 1955?
Section 21 of the specific relief Act is related to: