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.
Two person A and B started from same place and in same direction with speed of 48km/hr and 40km/hr respectively .The speed of person B increased by &fra...
Two cars X and Y start from two places A and B respectively which are 800 km apart at 8 a.m. Both the cars run at an average speed of 50 km/hr towards e...
A car running with a speed of 65 km/hr takes 12 hours to go from 'A' to 'B'. If on the way back from 'B' to 'A', the car takes 20% less time than it tak...
Axar covered 1/4th of the total distance at a speed of 25 km/hr. Then, he covered (1/2) of the remaining distance at a speed of 30 km/hr, and the rest o...
An Aeroplane flies along a Square field @ 50, 100, 200 and 400 km/hours respectively. Then find the Average speed of the aeroplane during the whole jour...
‘A’ and ‘B’ started moving towards each other at same time with a speed of 25 km/hr and 20 km/hr, respectively. If the distance covered by ‘Aâ...
A train running at the speed of 35 metre per second crosses a bridge in 30 seconds. Another which is 130 metre shorter than the previous train crosses t...
A driver of an army truck sees an ambulance 80 meters ahead of him. After 10 seconds the ambulance is 70 m behind. If the speed of the truck is 104kmph,...
In a 1500 m race, Anil beats Bakul by 150 m and in the same race Bakul beats Charles by 75 m. By what distance does Anil beat Charles?
A driver of truck sees an ambulance 160 meters ahead of him. After 20 seconds the ambulance is 140 meters behind. If the speed of the truck is 80 kmp/h,...