Life insurance exemption limits: premium aggregation rules restrict income-tax exemption for certain non-ULIP policies issued after amendment. Amendments provide that consideration (including bonus) from non-ULIP life insurance policies issued on or after 01.04.2023 is not exempt under Clause (10D) where the annual premium payable in any previous year during the policy term exceeds the prescribed threshold; for multiple such policies exemption is available only for policies whose aggregate annual premium does not exceed that threshold. Sums received on death are excluded from these provisos. Excess consideration over aggregate unclaimed premiums is taxable under 'Income from other sources.' Premiums are to be measured exclusive of GST and term insurance policies are exempt from these provisos.
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Provisions expressly mentioned in the judgment/order text.
Life insurance exemption limits: premium aggregation rules restrict income-tax exemption for certain non-ULIP policies issued after amendment.
Amendments provide that consideration (including bonus) from non-ULIP life insurance policies issued on or after 01.04.2023 is not exempt under Clause (10D) where the annual premium payable in any previous year during the policy term exceeds the prescribed threshold; for multiple such policies exemption is available only for policies whose aggregate annual premium does not exceed that threshold. Sums received on death are excluded from these provisos. Excess consideration over aggregate unclaimed premiums is taxable under "Income from other sources." Premiums are to be measured exclusive of GST and term insurance policies are exempt from these provisos.
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