CBDT Sets New Rules for Calculating Income from Life Insurance Premiums Above Rs 5 Lakh

Last updated: 18 August 2023

Central Board of Direct Taxes (CBDT) notified Rule 11UACA on August 16, 2023, for tax calculation on life insurance policy amounts under section 56(2)(xiii) of the Income Tax Act, 1961 (the IT Act). Section 56(2)(xiii) of the IT Act provides that any sum received on the maturity of a life insurance

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