Quick Summary
CBDT (Central Board of Direct Taxes) issued guidelines on the applicability of exemption under section 10(10D) of the Income Tax Act, 1961 (IT Act) for life insurance policies on August 16, 2023 vide Circular No. 15 of 2023. The salient features of the clarifications are as follows The exemption under section 10(10D) will not be available for life insurance policies issued on or after April 1, 2023, if the amount of premium payable for any of the previous years during the term of th
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FAQ :
The CBDT has issued guidelines stating that tax exemption under section 10(10D) will not be available for life insurance policies issued on or after April 1, 2023, if the annual premium exceeds £500,000 in any previous year.
These clarifications are applicable from April 1, 2023.
The £500,000 limit applies to the amount of premium payable in any of the previous years during the policy's term.
No, the exemption will be available for all types of life insurance policies, including traditional policies, ULIPs, and endowment plans, provided the annual premium limit is not breached.
Yes, the exemption will also be available for premiums paid by an employer on behalf of an employee under a group insurance plan, subject to the same conditions.
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