Life insurance policy receipts taxed on a net premium basis, with exclusions for unit linked policies and specified income. Income chargeable to tax under section 92(2)(l) is computed by reducing the sum received under a life insurance policy, including bonus, by the aggregate premiums paid up to the date of receipt, subject to whether the receipt occurs in the first tax year or a subsequent tax year. Premiums already claimed as deductions, or already included in earlier computations, are excluded. The expression covers amounts received under a life insurance policy not excluded under Schedule II, except amounts under a unit linked insurance policy and income referred to in section 92(2)(d).
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Provisions expressly mentioned in the judgment/order text.
Life insurance policy receipts taxed on a net premium basis, with exclusions for unit linked policies and specified income.
Income chargeable to tax under section 92(2)(l) is computed by reducing the sum received under a life insurance policy, including bonus, by the aggregate premiums paid up to the date of receipt, subject to whether the receipt occurs in the first tax year or a subsequent tax year. Premiums already claimed as deductions, or already included in earlier computations, are excluded. The expression covers amounts received under a life insurance policy not excluded under Schedule II, except amounts under a unit linked insurance policy and income referred to in section 92(2)(d).
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