Part DCA - Safe Harbour Rules for income referred to in clause (i) of sub-section (1) of section 9 chargeable to tax under the head (From Rule 10TI to Rule 10TIC)
Life insurance policy receipts taxed by deducting eligible premiums from amounts received under the computation rule. Income chargeable to tax on sums received under a life insurance policy is computed by deducting eligible premium paid from the amount received. The rule applies differently in the first previous year and in later years, and excludes premium already claimed as deduction or counted earlier. The term covered excludes amounts exempt under section 10(10D), unit linked insurance policy receipts, and income referred to in section 56(2)(iv).
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Life insurance policy receipts taxed by deducting eligible premiums from amounts received under the computation rule.
Income chargeable to tax on sums received under a life insurance policy is computed by deducting eligible premium paid from the amount received. The rule applies differently in the first previous year and in later years, and excludes premium already claimed as deduction or counted earlier. The term covered excludes amounts exempt under section 10(10D), unit linked insurance policy receipts, and income referred to in section 56(2)(iv).
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