New income tax rules: Proceeds from life insurance policy to tax-free income — changes from 1st April that you must know1 min read 31 Mar 2023, 10:56 AM IST
New income tax rules: Proceeds from ULIP for annual premium above ₹2.50 lakh and life insurance policy for annual premium above ₹5 lakh will be taxable in FY24
New income tax rule 2023: After ushering in new financial year from 1st April 2023 i.e. from today, a good number of income tax rules are going to change. These income tax rules have been changed on the basis of Union Budget 2023 proposals that have been passed by the parliament in recently through Finance Bill 20223. As per this Finance Bill, proceeds from the income tax policies over the annual premium of ₹5 lakh will now become taxable from 1st April 2023 i.e. from tomorrow. So, it's not that all life insurance policy proceeds will be taxable. Only those life insurance proceeds that have an annual premium of over ₹5 lakh will be taxable from next financial year.
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