https://www.taxtmi.com/circulars?id=66745 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. en-us Wed, 16 Aug 2023 00:00:00 +0530 Thu, 17 Aug 2023 12:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=66745 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. Circulars Income Tax Wed, 16 Aug 2023 00:00:00 +0530 https://www.taxtmi.com/circulars?id=66745