New income tax rules: Proceeds from ULIP for annual premium above ₹2.50 lakh and life insurance policy for annual premium above ₹5 lakh will be taxable in FY24
From April 1st, the new tax regime which was announced in Budget 2023 will come into effect. Finance Minister Nirmala Sitharaman in her budget speech announced new income tax slabs and decided to make it a default tax regime. However, the old income tax slabs regime has not been abolished as well.