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Insurance pay out to come after tax cut

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Insurance pay out to come after tax cut

A new section 194DA has been introduced in the Income Tax Act and has come into effect from 1 October.

It will result in tax deduction at source on some insurance pay outs, especially to people of above 45 and those holding single-premium policies. It will result in TDS being deducted on pay outs from policies that are not exempt under Section 10(10D). Under this section, any sum received from an insurance policy after 1 April 2012 is exempt if the premium of the policy is within 10% of the sum assured.



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