New Rule 11UACA to compute Taxable Income on sum received under life insurance policies
When a person receives any sum under life insurance policies (other than ULIP and Keyman Insurance Policy) that do not qualify for exemption under Section 10(10D), any sum received in excess of the premium paid during the term of such policies is chargeable to tax under the head other sources as per Section 56(2)(xiii). The… Read More »