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            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.

            <h1>Life insurance sum taxation: premium-excess receipts may be taxable where exemption limits and aggregation rules apply.</h1> Section 56(2)(xiii) taxes the excess of sums received under a life insurance policy over aggregate premiums paid (not otherwise deducted), with Rule 11UACA prescribing a first-receipt and subsequent-receipt formula for computing taxable income. Finance Act amendments introduce an annual aggregate premium cap for exemption on non-ULIP policies issued after the effective date, limit exemption where aggregate premiums across policies exceed the cap, exclude receipts on death and IFSC-issued policies from the cap, and clarify that premiums are calculated exclusive of GST and that pure term policies remain exempt from the premium cap.

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