TMI BlogIncome Tax Amendment (Sixteenth Amendment), Rules, 2023.X X X X Extracts X X X X X X X X Extracts X X X X ..... ection 56, read with section 295 of the Income-tax Act, 1961 (43 of 1961) , the Central Board of Direct taxes hereby makes the following rules further to amend the Income-tax Rules, 1962 , namely:─ 1. Short title and commencement: - (1) These rules may be called the Income tax Amendment (Sixteenth Amendment), Rules, 2023. (2) They shall come into force on the date of their pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear shall be computed in accordance with the formula, A-B where, - A = the sum or aggregate of sum received under the life insurance policy during the first previous year; and B = the aggregate of the premium paid during the term of the life insurance policy till the date of receipt of the sum in the first previous year that has not been claimed as deduction under any other provision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Explanation . For the removal of doubts, it is clarified that the sum received under a life insurance policy would mean any amount, by whatever name called, received under such policy which is not to be excluded from the total income of the previous year in accordance with the provisions of clause (10D) of section 10 , other than the sum (a) received under a unit linked insurance policy; o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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