TaxTMI Login
Just a moment...
By creating an account you can:
Press 'Enter' to add multiple search terms. Rules for Better Search
of 
of 
No Folders have been created
Are you sure you want to delete "My most important" ?
NOTE:
of of 
All TMI Notes
of of All TMI Notes
Note
Bookmark
Share
Don't have an account? Register Here
of <h1>Schedule II narrows income exclusions; life insurance, section 127 receipts, provident fund interest and NPS rules changed</h1> SCHEDULE II excludes specified income from 'total income' but the enacted Act alters the originally introduced Bill on key points: life-insurance exemptions are conditioned by issue dates, premium-to-sum-assured ratios and aggregate premium ceilings (with a new IFSC carve-out benefiting IFSC-issued policies from 1-Apr-2025); certain section-127 receipts and keyman policies are expressly ineligible; provident fund interest attributable to large contributions on/after 1-Apr-2021 is disqualified above stated thresholds; the Act adds specific NPS/unified pension entries while the Bill's equalisation-levy exclusion is not carried forward consistently. Several exemptions defer computation and procedural detail to rules, creating transitional uncertainty.
TaxTMI 
TaxTMI 