Will the maturity amount of PPF, life insurance remain tax-free?

In budget 2020 Finance Minister Nirmala Shitaraman announced a new tax regime where individual taxpayers will not be allowed to take benefits of certain tax deductions available in the Income Tax Act,1961. The premium of life insurance policy and PPF investments, which come under the 80C tax Act, will not be available in the new tax regime. But the sum assured on the maturity of the life insurance plan is tax-free, according to Section 10D Income Tax Act.

Post Your Vote

Signup Now