The Finance Act of 2023 has introduced new provisions – the sixth, seventh, and eighth Provisos – to Section 10(10D) of the Income Tax Act, 1961 (“the IT Act”). These changes state that starting from April 1, 2023, no tax exemption will be granted for Life Insurance Policies issued after this date if the premium amount payable in any previous year during the policy’s term exceeds Rs. 5,00,000. To provide clarity on the implementation of these Provisos to Section 10(10D) of the IT Act in various scenarios, the Central Board of Direct Taxes (“CBDT”) has issued explanatory guidelines vide Circular No. 15 of 2023 dated August 16, 2023.
The Complete Guidelines can be accessed at: https://incometaxindia.gov.in/news/circular-15-2023.pdf
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