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of <h1>Finance Bill 2024 reduces TDS on life insurance payments from 5% to 2%, effective October 1, 2024.</h1> Section 194DA of the Finance Bill 2024 proposes a reduction in the tax deducted at source (TDS) rate on payments made under life insurance policies from 5% to 2%. This applies to sums paid to residents, including bonuses, except amounts exempt under section 10(10D). The amendment is set to take effect from October 1, 2024, as part of the Union Budget 2024-25, aiming to simplify and rationalize the taxation of capital gains related to life insurance payouts.
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