Taxation of specified sums from business trusts clarified; new formula and life insurance receipt rules specified for tax treatment. Section 56(2) is amended to remove the residency qualifier in clause (viib) and to add the IFSC Fund Management Regulations, 2022 to the Explanation; clauses (xii) and (xiii) are inserted to tax specified sums from business trust distributions using a formula A-B-C and to tax life insurance receipts not excluded under section 10(10D), excluding unit linked policies, with taxable amounts computed as the excess over aggregate premiums paid.