Tax: Tax will have to be paid on the income from life insurance premium of so many lakhs from April 1

If you file ITR then this news is useful for you. After a few days i.e. from April 1, many changes are going to happen in the methods of filing income tax.

If you have taken a policy with an annual premium of Rs 5 lakh, then you will be in for a big shock. From the new financial year i.e. from April 1, 2023, you will have to pay tax on the income from life insurance premium in excess of the annual premium of Rs 5 lakh. Finance Minister Nirmala Sitharaman has announced in this regard in Budget 2023. However, this new income tax rule of the Central Government will not be applicable on ULIP (Unit Linked Insurance Plan).

While physical gold is converted into electronic gold receipt and vice versa, no capital exemption will be taxable, this was also announced by Finance Minister Nirmala Sitharaman in the budget. This new rule of the Central Government will also be effective from 1 April 2023.