Quiz on New Tax Implications

After the changes made in Income Taxation in 2023, What is the limit under Sec 80C of Income Tax Act now ?

• 1,00,000

• 50,000

• 5,00,000

• 1,50,000

The new tax changes made in 2023, are impacting which of the below sections for Life Insurance ?

• Sec 80C

• Sec 10(10(D))

• Sec 80D

• Sec 80CCD

The new tax changes made in Sec 10(10(D)) are applicable for policies bought on or after __________?

• 1st Jan 2023

• 1st Apr 2023

• 1st Oct 2023

• 1st Mar 2023

Changes made in Sec 10(10(D)) FY-2023 are applicable for __________ ?

• Savings, Term, Term with ROP & Riders

• Savings, Term, Term with ROP, Riders & ULIPs

• Traditional Savings & ULIPs

• Only Traditional Savings & ULIPs

Any sum received under any NON ULIPs, issued on or after 1 April 2023, shall be taxable if the total amount of premium payable

for any year during the policy term exceeds ₹______?

• 1,50,000

• 2,50,000

• 5,00,000

• 10,00,000

As per the new changes made in Sec 10(10(D)) in FY 2023, Premium threshold of 5 Lakhs includes ________

• Only Base Plan Premium + GST

• Only Base Plan Premium + Rider Premium

• Base plan premium + Rider Premium + GST

• Base plan premium Rider Premium + Extra Premium (if any)

If the total premiums paid in NON ULIP plans exceeds Rs. 5,00,000 in any year, the insurance company deducts ____% of TDS from the capital gain ?

• 31,2%

• 5%

• 10%

• 15%

As per the new changes made in Sec 10(10(D)) FY -23, which of the following options would be taxable ?

• Maturity Benefit & Death Benefit

• Maturity, Payouts & Death Benefit

• Maturity, Payouts & Death / Rider Claim

• Any benefit received apart from Death / Rider Claim

After the changes made in Sec 10(10(d)) FY-23, Death / Rider Benefit will remain tax free. Is this statement True or False ?

• True

• False

Even after the changes made in Sec 10(10(D)), traditional life insurance plans still continue to offer _______

• Better post tax IRR compared to other debt instruments

• Life Cover of 10 to 12 times of A.P

• No Re-investment Risk in Income Plans

• All the above