Examples related to Section 10(10D) – Exemption in respect of sum received under a life insurance policy. (Circular No.15/2023)
Clarification: Any sum received under a Term Insurance policy shall continue to be exempt u/s 10(10D) and the premium paid for Term Life Insurance Policies shall not be counted for checking limit of Rs 5,00,000 u/s 10(10D)
POSTED IN INCOME TAX
Sub: Guidelines under clause (10D) of section 10 of the Income-tax Act, 1961 – reg.: Clause (10D) of section 10 of the Income-tax Act, 1961 (the Act) provides for income-tax exemption on any sum received under a life insurance policy, including the sum allocated by way of bonus on such policy subject to certain exclusions. […]
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