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

Last updated: 18 August 2023 Follow on Google News

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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CCI News Desk

Finance news reporter covering taxation, GST, income tax, business compliance, and economy updates. I simplify complex financial topics into easy-to-understand articles for professionals, taxpayers, and business owners on leading finance and tax platforms.

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