CBDT Circular No. 2 of 2022 for Income Tax on ULIP Insurance Policies

By | January 20, 2022

How to pay Income Tax on ULIP Insurance Policies I CBDT Clarifications Circular No. 2 of 2022 F. No.370142 /61/2021-TPL Government of India Ministry of Finance Department of Revenue (Central Board of Direct Taxes) *********** Dated: 19th January, 2022 Sub: Guidelines under clause (10D) section 10 of the Income-tax Act, 1961 – reg. Clause (10D)… Read More »

e-advance rulings Scheme, 2022 Notified by CBDT

By | January 19, 2022

MINISTRY OF FINANCE DEPARTMENT OF REVENUE (CENTRAL BOARD OF DIRECT TAXES) (INCOME-TAX) NOTIFICATION New Delhi, the 18th January, 2022 S.O. 248(E).—In exercise of the powers conferred by sub-sections (9) and (10) of section 245R and subsections (2) and (3) of section 245W of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby makes… Read More »

CBDT notified rules for Capital Gains on ULIP : Notification No 8/2022 Income tax (2ndAmendment) Rules, 2022.

By | January 19, 2022

Section 45(1B) provides that when a person receives an amount under ULIP, to which exemption under Section 10(10D) does not apply, any profits arising from such receipt shall be chargeable to tax under the head capital gains. The CBDT has notified Rule 8AD for computation of income deemed as capital gains in such cases. MINISTRY… Read More »