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of <h1>New Rule 11UACA: Calculating Taxable Income from Life Insurance Policies u/s 56 of Income-tax Act, 1961.</h1> The Ministry of Finance, through the Central Board of Direct Taxes, has issued Notification No. 61/2023, introducing the Sixteenth Amendment to the Income-tax Rules, 1962. Effective from August 16, 2023, the amendment adds Rule 11UACA, which outlines the computation of taxable income under clause (xiii) of sub-section (2) of section 56 of the Income-tax Act, 1961. It specifies the method for calculating income received from life insurance policies, distinguishing between sums received in the first and subsequent previous years. The rule provides formulas for determining taxable income based on premiums paid and sums received, excluding amounts covered under section 10(10D).
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