Ease of Compliance: Income-tax slabs unchanged, but small taxpayers will enjoy procedural relief in filing ITR and resolution of disputes; High-income earners may feel the pinch though

According to existing income tax laws, maturity proceeds of life insurance policies are exempt from tax under Section 10 (10D). [...]if annual premium for a ULIP crosses Rs 2.5 lakh a year, the gains incurred will be treated as capital gains and be taxed like mutual funds - 10 per cent long-term cap...

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Bibliographic Details
Published in:Business today (New Delhi, India) India), 2021-02
Main Author: Sharma, Aprajita
Format: Magazinearticle
Language:English
Subjects:
Capital assets
Capital gains
Equity funds
Income taxes
Insurance policies
Interest income
Tax assessments
Tax deductions
Tax rates
Tax returns
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Summary:According to existing income tax laws, maturity proceeds of life insurance policies are exempt from tax under Section 10 (10D). [...]if annual premium for a ULIP crosses Rs 2.5 lakh a year, the gains incurred will be treated as capital gains and be taxed like mutual funds - 10 per cent long-term capital gains and 15 per cent short-term capital gains. "In order to ease compliance for the taxpayer, details of salary income, tax payments, TDS, etc. already come pre-filled in income tax returns.
ISSN:0974-3650