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of <h1>New Tax Exemption Guidelines for Life Insurance Policies with Premiums Over Rs 5 Lakh Effective 2024-25.</h1> The circular issued by the Central Board of Direct Taxes provides guidelines on the tax exemption under Clause (10D) of section 10 of the Income-tax Act, 1961, for life insurance policies. Effective from the assessment year 2024-25, the exemption is restricted for policies issued on or after April 1, 2023, if the annual premium exceeds Rs 5,00,000. The guidelines clarify that the exemption does not apply to amounts received upon death and outline how premiums for multiple policies are aggregated for exemption eligibility. The Goods and Services Tax (GST) component is excluded from the premium calculation, and term life insurance policies remain exempt from the premium limit.
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