LIFE INSURANCE

Son, have you seen this article? It says that life insurance maturity money won't be fully tax-exempt anymore.
No, I haven't. What's it all about, Dad?
It's because of Budget 2023. If the premium paid in a financial year exceeds Rs 5 lakh, the maturity amount becomes taxable.
So, we need to be careful about how much premium we pay to keep the tax exemption.
Exactly. Section 10(10) of the Income Tax Act, which used to offer exemptions, won't apply to policies with premiums surpassing the threshold.
We need to review our financial plans and make sure we're not caught off guard by these changes.
You're right, son. Haah! Our financial security is a top priority. We should stay informed and make the best choices for our future.
And for more updates on tax-related issues, we should consider visiting a reliable source. How about checking out www.tax360.in
"That's a great idea, son. Let's check it out. They might have valuable insights and advice."
"Dad, look, they have social media links. Let's follow them to stay updated."
@SNCTAX360, KRM TOWERS, 4th FLOOR, HARRINGTON ROAD, CHETPET, CHENNAI 600031
Good thinking, son. Let's visit their office and click on those links and make sure we're well-informed about our finances.
ya sure