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Insurance execs to FM Sitharaman: Relax taxing high-value policies

They want the threshold of premiums beyond which the income from these policies is taxed raised to Rs 10 lakh per year from the current Rs 5 lakh

The insurance regulator is currently looking into the proposal, an official said
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Subrata Panda Mumbai
Insurance industry executives on Tuesday met Finance Minister Nirmala Sitharaman to seek relaxation on the Budget announcement of taxing income from high-value life insurance policies. 

As a part of a Confederation of Indian Industry (CII) representation, the life insurance industry has sought an increase in the threshold of premiums beyond which the income from these policies are taxed to Rs 10 lakh per year from the current Rs 5 lakh.   

Further, they are also asking the government to tax the gains on such policies as debt mutual funds instead of taxing them at the marginal tax rate. The Union Budget last

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First Published: Feb 07 2023 | 6:34 PM IST

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