New TDS Rate for life insurance Commission/payouts draws mixed reactions
The reduction of Tax Deduction at Source (TDS) for life insurance payouts has sparked mixed reactions within the industry, with …
life insurance
Exempted/Tax free Incomes Under Income Tax
Exempted income is that income on which income tax is not chargeable. Such incomes are classified as under:i) Incomes which …
LIC receives GST demand notice of Rs 39.39 lakh from Gujarat I-T officials
The corporation has filed an appeal against the order demanding GST of Rs 19,64,584 for FY 2017-18. Life Insurance Corporation …
Income tax allowances, deductions allowed for individuals in old tax regime
India’s personal tax system has two ‘regimes’: Old and new. The new tax regime does not have most of the …
LIC to challenge Rs 290 cr GST bill issued by Bihar tax authority
The Life Insurance Corporation of India (LIC) plans to lodge an appeal with the GST Appellate Tribunal over a Goods …
Life insurance payouts will be taxable if yearly premium exceeds Rs 5 lakh
From assessment year 2024-25, sums received under life insurance policies (excluding unit-linked ones) issued after April 1, 2023, won’t be …
