Income Tax Amendment (Sixteenth Amendment), Rules, 2023.

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.... the Income-tax Act, 1961 (43 of 1961), the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules, 1962, namely:─ 1. Short title and commencement: - (1) These rules may be called the Income tax Amendment (Sixteenth Amendment), Rules, 2023. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the In....

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....B where, - A = the sum or aggregate of sum received under the life insurance policy during the first previous year; and B = the aggregate of the premium paid during the term of the life insurance policy till the date of receipt of the sum in the first previous year that has not been claimed as deduction under any other provision of the Act; (ii) where the sum is received under the life ins....