There has been a change in Section 10 (10D) of the Income Tax Act, which deals with the receipt of tax-free amounts from life insurance policies.In recent times, there have been several exclusions that have been added to this section and the most recent one says that if the premium paid during the year on such life insurance policies exceeds Rs 5 lakh, then the amount would be taxable. The tax department has now come out with an expl…
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