Major income tax provisions applicable from this financial year

Major income tax provisions applicable from this financial year: Unit Linked Insurance Policies (ULIPs) are subject to new taxation rules (ULIP) Income from life insurance policies, including unit-linked insurance plans (ULIPs), is normally tax-free, provided the premium paid in that year does not exceed a specific proportion of the sum assured. Because long-term capital gains on equities mutual funds are now taxable at 10% after the initial exemption of Rs 1 lakh, consumers used to invest in ULIPs and enjoy tax-free income. To create a level playing field      Read More