Question
Download Solution PDFAccording to the Finance Bill 2023, receipts arising from life insurance policies issued on or after April 1, 2023, will be treated as income from other sources if the premium paid exceeds _____________ each year.
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is ₹5,00,000.
Key Points
- Receipts arising from life insurance policies issued on or after April 1st, 2023 shall be considered as income from other sources if the premium paid exceeds Rs. 5,00,000 in a given year.
- The exemption for receipts in the event of the insured person's death shall remain unchanged.
- To avail of a deduction under Section 10AA, the assessee must submit a return of income on or before the due date specified under Section 139(1).
- Deduction under Section 10AA shall only be allowed if the proceeds from the sale of goods or provision of services are received within 6 months from the end of the previous year or within such further period as the competent authority may allow on this behalf.
Last updated on May 28, 2025
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