New income tax rule: Proceeds from life insurance premium over the annual premium of ₹5 lakh would be taxable from new financial year i.e. from 1st April 2023. The Finance Minister Nirmala Sitharaman made an announcement about this change in income tax rules while presenting the Union Budget 2023 in parliament. However, the finance minister made it clear that the new income tax rule will keep death benefit on such premium would continue to remain tax exempted. She also announced that the new income tax rule won’t be applicable on ULIP (Unit Linked Insurance Plan).
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