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Insurance Council opposed DTC proposal to tax withdrawal of insurance fund

Nov 28, 2009 direct tax code

The Life Insurance Council has opposed a proposal in the Draft Direct Taxes Code which says policy holders be taxed at the time of withdrawal of insurance fund.

SB Mathur, Secretary General of the Life Insurance Council, said either the proposal be changed to retain the present system of exempting a life insurance holder from tax at the time of withdrawal, or tax should be levied only on the real value of the withdrawn sum.

Constituted under the Insurance Act, the council is a forum that connects various stakeholders in the insurance sector.

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This entry was posted on Saturday, November 28th, 2009 at 1:42 am and is filed under direct tax code. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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