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of <h1>New Clause in Income-tax Act: Keyman Insurance Policy Payouts Now Taxable Income from October 1, 1996.</h1> In the Finance (No. 2) Act, 1996, section 28 of the Income-tax Act is amended to include a new clause (vi), effective from October 1, 1996. This clause specifies that any sum received under a Keyman insurance policy, including bonuses, is included in the taxable income. The term 'Keyman insurance policy' is defined as per clause (10D) of section 10 of the Income-tax Act.
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