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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Finance Act 2023 amends Section 56: Changes to clause (viib) and adds clauses (xii) and (xiii) on income sources.</h1> Section 56 of the Income-tax Act has been amended by the Finance Act, 2023, effective April 1, 2024. In clause (viib), the phrase 'being a resident' is removed, and additional regulatory references are included. New clauses (xii) and (xiii) are added. Clause (xii) pertains to specified sums received from business trusts by unit holders, with a formula provided for computation. Clause (xiii) addresses sums received from life insurance policies, excluding unit linked policies, which exceed the paid premiums and are not deductible under other provisions. Definitions for terms like 'unit linked insurance policy' are provided.
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