Product information is authentic and solely based on the information received from the Insurer© Copyright 2008-2020 policybazaar.com. Moreover, service rendered for a fraction of the year would not be taken into consideration. Section 10 contains various subsections which allow exemptions on different types of … All the assesses who have committed to lent such cash. Insurance is the subject matter of solicitation.Visitors are hereby informed that their information submitted on the website may be shared with insurers. Compensatory Modified Area Allowance subject to specified terms and locations – up to INR 1000/month. 1961; Payment of Advance Tax and Refund of Tax; Return of Income and Procedure of Assessment (Section 139 to 154) Penalties Under Income Tax Act. Living tenure of the employees should not be more than 90 days in India. If you use the new tax slab, however, you would not be able to claim any of the afore-mentioned exemptions which are available under Section 10. However, income earned by a trust, society or an endowment would not be exempted from tax. According to section 10(1), those who are taxpayers and earn the income from agriculture are entitled to get the exemption from tax. Policy cancellation and refund of the premium shall be as per the terms and conditions of the policy. However, this rule has the following exceptions –, Assets which form a part of the corpus of the fund of the specified institution as on 1st June 1973, Equity shares held by the specified institutions when such shares form a part of the corpus of the fund as on 1st June 1998, Debentures of a company bought by the specified institutions before 1st March 1983, Any accretion of shares earned through bonus shares and if such shares form part of the corpus of the fund of the specified institutions, Any voluntary contribution received and maintained in the form of furniture, jewellery or any other item which is specified by the Board by notification in the Official Gazette, It is registered under the Securities and Exchange Board of India Act, 1992 or any other regulation made under the Act. The local authority for this Section would include a Panchayat, Municipality, Municipal Committee and District Board or a Cantonment Board. NRI-Individual/NRI gift the bonds to the individual. All Rights Reserved.. In the execution of an agreement which takes place on 25-11-1993, the interest is payable to the European Investment Bank for granting of the loan by it between that bank and the central government. The average salary of the last ten months preceding the retirement date. If the policy is bought on or after 1st April 2013 for an individual who suffers from any disease specified under Section 80 DDB of the Income Tax Act, 1961 or from a disability as specified under Section 80U of the Act, the premium should not be more than 15% of the sum assured of the policy.

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