Consequential amendment has been made in section 10(10D) and 80C of Income tax requiring Sum Assured to be at least 10 times of premium to require getting the benefits of the mentioned sections. This is consequential to the guidelines of IRDA requiring the policies to provide at least 10 times Sum Assured.
Amendment proposed in Budget 2012 in definition of related persons u/s 40A(2)(b) to include a company in which the assessee company has a substantial interest. In plain terms where a…
Increase in excise rate by 10% to 12% 5% to 6% 1% to 2%
Service tax rate is increased from 10to 12% ( Increase by 2%) Service tax is applicable on all services except negative list
In the budget proposals of 2012 an explanation has been inserted in Section 2(14) i.e. the definition of “Capital Asset” to include “any rights in or in relation to an…
11:30 AM Rajiv Gandhi Equity Investment Scheme for deduction upto Rs. 50,000 for assessees with Income upto Rs. 10,00,000 details to be released later
Budget 2012: ECB Allowed for Aviation Sector for Working Capital in view of difficulties faced by aviation industry
what is the definition of 10 10d if we take the ploicy 22.03.2012 than we take the benefit of its or we take 01.04.2012 than we take its benefit or not and how
Section 10(10D) gives benefit of exemption of amount received from any insurance policy on maturity. Currently if you take any insurance with insurance cover of more than 5 times of annual premium, the amount you will get on maturity is exempt from tax. In this budget the eligibility for taking this benefit is proposed to be increased to only insurance plans which provide insurance cover of at least 10 times of Annual Premium.
so, if one takes a Policy before 31st March 2012 – wherein the assured amount is only 5 times and the age of the investor is 45 years, will the returns in lieu of this policy, expected after 20 years in 2032, be exempt from tax in that year ?