What is Income Tax?

The constitution of India has granted the federal government the right to levy taxes on income derived from any source other than agriculture. Through income tax in India, the federal government generates revenue for public goods like roads, defense, and free primary education. Income tax in India mainly consists of five taxable heads of income, i.e. Income from Salary, Income from House or Property, Income from Business or Profession, Capital Gains Income, and Income from Other Sources. The taxation system in India is proportional - the tax rate goes up as one’s income goes up.

Income Tax Act Overview

The Income Tax Act was passed in 1961 and has been in effect ever since. This act governs the rules around tax slabs, tax exemption, deductions and tax rates. The Income Tax Act in India can be amended by the Finance Ministry - the amendments come into force once they are signed off by the President of India. There have been multiple attempts over the years to replace The Income Tax Act of 1961 with an act that’s more streamlined. Like in 2010, the then government tabled a Direct Taxes Code Bill. In 2017, a committee was set up to suggest a replacement to the 1961 Act. However, neither of these attempts were successful and the 1961 Act remains in force.

Types of Taxes (Direct & Indirect Tax)

The government imposes different taxes on different things.

Taxes paid directly to the government, without the presence of an intermediary, are called direct tax. Direct tax includes the income tax paid by individuals to the government. Direct tax also includes the tax on capital gains - for instance, people who invest in mutual funds pay a 10% tax on gains over 1 lac. Those who trade in the securities market also pay a transaction tax to the government - this is considered a direct tax as well. Other taxes such as wealth tax and gift tax also come under this ambit.

Indirect taxes are imposed not on income or capital gains, but on goods and services. Such a tax can be transferred from one entity to another. Every item that is sold inside India comes with a sales tax. A Value Added Tax(VAT) is imposed on goods when they pass through processes that enhance their value. GST is another example of an Indirect Tax - introduced in 2017, this tax has different tax slabs for different goods and services.

Filing Your Income Tax Returns Online

It is mandatory to file your income tax returns if your annual income exceeds Rs. 2.5 lakhs. Earlier, one had to visit the Income Tax Department’s office to file their annual tax returns. Today, filing can be done from the comfort of your home, or any other place with a stable internet connection. The process of filing Income Tax Returns (ITR) is carried out online and is also known as e-filing.

How to file ITR online

Today, Income Tax returns can be filed from the convenience of your office or the comfort of your home. Go through the steps below to learn how you can quickly file your ITR today.

1. Visit the ITR portal: The Income Tax Department welcomes ITR filing on its online portal. You need nothing but your internet connection to get started.

2. Register yourself: To file your income tax returns online, you need to provide the following five details:

  1. PAN card. (This will be your username)

  2. Name

  3. Date of Birth

  4. Email

  5. Mobile number

3. Type of User: ITR filing process is slightly different for different entities. Therefore, you will be prompted to choose if you are a taxpayer, an agency filing on behalf of the taxpayer, a chartered accountant, etc.

4. Verification of your PAN: After your PAN card is verified and a transaction ID appears on the screen, you are good to go. You may have to click a final verification link that’ll come in your email.

5. Download the appropriate form: Business owners need to file a different income tax return form than salaried employees. Download the right form for you to proceed.

6. Fill out the form: You can fill the form online as well as offline. You may need to include documents like your salary slips or your rent receipts to finish this step.

7. Upload: After uploading the filled form, your ITR e-filing is complete! One final step remains.

8. Sign your ITR-V form: Those without a digital signature - or those with incomplete Aadhar card details - need to go through this small additional step. The ITR-V form can be downloaded from the Income Tax Department’s website, printed, signed, and sent to the address mentioned on the form. People have a comfortable window of 120 days to do it.

Due Dates for E-filing

Depending upon the category of taxpayers, the final date for filing returns differs. Income Tax Returns are to be filed before the deadlines ascribed by the Income Tax Department. If returns are not filed before the deadline, tax benefits like deduction and exemptions will not be applicable.

The due dates for the financial year 2018-19 are listed in the table below. The following dates will be applicable for the income earned by a taxpayer for the past financial year between April 1st of 2018 and March 31st of 2019.

Category of Taxpayers

Deadline for Filing Tax Returns


31st July, 2019

Body of Individuals (BOI)

31st July, 2019

Hindu Undivided Family (HUF)

31st July, 2019

Association of Person s (AOP)

31st July 2019

Businesses (Requiring Audit)

30th September 2019

Businesses (Requiring TP Report)

30th November 2019

Income Tax Slabs and Rates for Income Earners – (Financial Year 2019-20)

Whether you are a self-employed taxpayer or an employed taxpayer, profit and gain from profession is taxable at the same rates. Depending on the category of the person, tax was levied in the following brackets for the fiscal year of 2018-2019:

Note: The following table of income slabs and tax rates are applicable to individuals under 60 years of age. They may or may not be a part of Hindu Undivided Family (HUF). They may be part of an Association of Persons, Body of Individuals, or be an artificial juridical person.

Income Tax Slabs & Rates for Individual Taxpayers & HUF (Less Than 60 Years Old) for FY 2019-20 – Part I

Income Slab

Tax Rate

Income up to Rs. 2,50,000

  No tax levied

Income between Rs. 2,50,000 and Rs. 5,00,000

 5% of the amount exceeding Rs. 2,50,000

Income between Rs. 5,00,000 and Rs. 10,00,000

20% of the amount exceeding Rs 5,00,000

Income above Rs. 10,00,000

30% of the amount exceeding Rs. 10,00,000

Income Tax Slabs for Senior Citizens (60 Years Old or More but Less than 80 Years Old) for FY 2019-20 – Part II

For Senior Citizens aged between 60 years to 80 years:

Income Slab

Tax Rate

Income up to Rs. 3,00,000

  No tax levied

Income between Rs. 3,00,000 and Rs. 5,00,000

 5% of the amount exceeding Rs 3,00,000

Income between Rs. 5,00,000 and Rs. 10,00,000

20% of the amount exceeding Rs 5,00,000

For Income above Rs. 10,00,000

30% of the amount exceeding Rs. 10,00,000

Income Tax Slabs for Super Senior Citizens (80 Years Old or More) for FY 2019-20 – Part III

For Seniors over 80 years of age:

Income Slab

Tax Rate

Income up to Rs. 5,00,000

  No tax levied

Income between Rs. 5,00,000 and Rs. 10,00,000

 20% of the amount exceeding Rs. 5,00,000

Income above Rs. 10,00,000

 30% of the amount exceeding Rs. 10,00,000

When is Surcharge or Rebate in Income Tax Applied?


Under Section 87A of the ITA, rebate on income tax is available to resident individuals if their total income does not go over Rs. 3.5 lakhs. In this case, the amount of rebate applied may be 100% of income tax or Rs. 2,500, whichever of the two is lower.


The amount of income tax charged to an individual shall be increased through surcharge at the rate of 10%, where one’s total income exceeds Rs. 50 lakh but does not exceed Rs. 1 crore. However, it is possible to subject this rate of surcharge to marginal relief.

Marginal relief will be provided to taxpayers on the income above Rs.50 lakhs up to

  1. The difference between excess tax payable (including surcharge) and

  2. The income that exceeds Rs.50 Lakhs.

The amount of income tax charged to an individual shall be increased through surcharge at the rate of 10%, where one’s total income exceeds Rs. 1 crore. However, the surcharge shall be subject to marginal relief, in this case too.

Marginal relief will be provided to the taxpayer on income above Rs.1 crore up to

  1. The difference between the excess tax payable (including surcharge) and

  2. The income that exceeds Rs.1 crore.

Surcharge can also be a result of Cess. ‘Cess’ is a kind of tax levied to raise funds for a specific social purpose. Cess raises the income tax and surcharge a person is eligible to pay by a specific rate. For instance, in 2018, the Union Budget announced cess for health and education purposes. Health and education cess is calculated at the rate of four percent of such income tax and surcharge. The government resorts to levying cess from taxpayers when it needs to make specific expenses for public welfare. Accordingly, once the expense is met, cess tax is discontinued.

Income Tax Deductions

There is a standard deduction of up to ₹50,000 when you file your income tax returns for the year. Some of the most commonly used deductions are given below.

Sr. No.

ITA Section

Applicable on:

Annual Deduction Limit


Section 80C




Section 80CCC

Insurance Premium



Section 80CCD

Pension Premium



Section 80G

Charitable Donations

Variable - often up to 10% of gross annual income


Section 80D

Medical Insurance Premium


Further, you can visit our detailed income tax deductions page for more insight on how to minimize your tax outgo.

Who Needs to File Income Tax Returns?

According to the Income Tax Department, it is mandatory for the following bodies to file income tax returns:

  • Any company (body of individuals), whether their firm undergoes profit or loss.

  • Individuals who wish to apply for a visa of a loan.

  • Individuals who wish to invest in or earn from any foreign assets.

  • Individuals who wish to make a claim for a tax-refund.

  • Individuals who have a stream of income from house property, real estate, etc.

  • If the total annual income of the taxpayer exceeds in the cases mentioned below:

Age of the individuals

Gross annual income (Rs.)

Individuals aged under 60 years old

2.5 lakh

Individuals aged over 60 years but under 80 years of age

3.0 lakh

Individuals above the age of 80 years

5.0 lakh

Types of Income Tax Payers in India

The diversity of India comes through in its varied income tax payers as well.

The following entities are liable to pay tax, as per the Income Tax Act of 1961:

  • Association of Persons

  • Body of Individuals

  • Companies

  • Firms

  • HUF (Hindu Undivided Family)

  • Artificial Juridical Person

  • Local Authority

  • Individual

  • Trust

The Income Tax Department, however, offers 7 different ITR forms for the different taxpayers in India. Refer to the table below to find the form that’s right for you:

ITR Form



Applicable to the vast majority of tax paying resident Indians. It’s for everyone whose annual income from their salary and other sources is less than 50 lacs.


Applies to people whose annual income is more than 50 lacs. People whose income is supplemented by capital gains and from foreign sources also need to fill this form.


Applicable to business owners and firm partners. Anyone with a presumptive income over 50 lacs also needs to download this form.


Applies to businesses with an annual income below 50 lacs.


This form is relevant for the following parties:

  1. Firms

  2. Limited Liability Partnership (LLP)

  3. Association of Persons (AOPs)

  4. Body Of Individuals (BOIs)


This form is applicable for companies that are not claiming exemptions under section 11.


People and/or companies who fall under the following sections qualify for this form:

  1. Section 139 (4A)

  2. Section 139 (4B)

  3. Section 139 (4C)

  4. Section 139 (4D)

Necessary Documents for Filing Income Tax Returns

1. For taxpayers who wish to file tax returns online, the following documents are required

  • Permanent Account Number (PAN) of the individual

  • Aadhaar number of the individual. Note that the Aadhaar number must be linked with the PAN.

  • Bank account details (Account number, IFSC code, and branch of the bank) of the individual.

2. For taxpayers who wish to file their tax returns based off of their salary, the following documents are required

  • Form 16

  • Rent slips in case House Rent Allowance tax deduction is being claimed.

  • Salary slips

3. For taxpayers who wish to claim any tax deductions, the following documents are allowed

  • Proof of income streams like income on house property and capital gains.

  • Details about investments that are eligible for deductions.

  • Details about insurance and home loans.

  • Interest certificates of Savings account and Deposit account.

You can click on documents required for ITR filing to know more on the exact documentation required for filing your income tax returns.

Advantages of Filing Income Tax Returns Online

Due to its efficiency and convenience, e-filing of ITR is gaining popularity. Besides being digital, and therefore quicker, e-filing has some additional advantages that filing in person does not. They are:

  • Ability to Track Application Status: Those who file their income tax returns online can easily track the status of their claims. Previously, too, claim status could be tracked but it was time-consuming as updates were sent via post. Therefore, e-filing allows taxpayers to assess the status of their tax claims with ease.

  • Quicker Refund Process: With e-filing, receiving tax refunds is not only simpler but also faster. In the past, the refund process was carried out through post, making it inconvenient and time-consuming. Now, taxpayers simply have to update their bank details online and, if need be, a tax-refund is processed.

  • Fewer Errors: When computing income tax returns, earlier, one did not have the accuracy of online systems that calculate your returns error-free. Hence, common calculation errors were made. With digitization, mechanisms exist to compute ITRs through algorithms that significantly reduce the number of errors.

  • Online Verification: With online ITR filing, the verification of the application is also done online. Earlier, the verification process took longer as applications would be sent to CPC in Bangalore.

  • Convenient: The biggest advantage of e-filing is how convenient it is. It takes less time and can be carried out from the comfort of one’s house. Comparatively, the process of filing returns in the past was very tedious as one had to visit the Income Tax Department. E-filing make filing returns easy, so a growing number of people are starting to file their tax returns each year.

  • Better Access to Documentation: Those who file tax returns online have to upload digital copies of the required documents online. At any point in time, tax-payers who e-file can assess these documents for cross-checking and ensuring the documents are error-free. This option was not available with the manual filing process.

  • Aggregation of Data: Manual filing of the past required that individuals fill multiple forms to file income tax returns. As different forms required the same information, a lot of the information filled was repetitive. This tediousness is no longer experienced when filing tax returns online. All data input by the taxpayer is aggregated and automatically saved. Hence, the ITR filing process is shorter, and simpler.

  • Cost-Effective: Usually, those who file their income tax returns manually hire a professional to accurately calculate their returns. Hiring a professional costs money. This cost is done away with when e-filing. Since computers do the calculations for you, you do not need to spend money filing your tax returns.

  • Receipt of Proof of Filing: Those who file their income tax returns online get a digital receipt that they have filed claims for that fiscal year. If any situation arises where taxpayers need to prove that they have filed their claims for a particular, they have convenient access to this receipt which they can share to conflicting parties.

  • Net-banking: When filing tax returns online the process of paying and receiving refund is simpler than before because of net-banking. Payment of taxes is carried out today through one’s debit card. To receive a refund, one can use a direct deposit. Investors also have the option to file returns at one time and make the payment on a separate date. They can choose the day they would prefer for the payment to be made.

Latest Rules for Filing Tax Returns

Nirmal Sitharaman, in the latest Union Budget of 2019, implemented new rules for filing tax returns. Now, the union budget requires taxpayers to link their Aadhar number to their PAN. If linked, the Finance Minister stated in the announcement, your income tax returns can then be filed using either your PAN or Aadhaar card. However, this is only possible if one links their Aadhar and PAN by a specific date each year, set as 30th September in 2019.

Filing Returns with Aadhaar Card

When one does not have a Permanent Account Number (PAN), they are permitted to file tax returns with their Aadhar identification. As per the latest Income tax rules, having an Aadhaar Card is compulsory for when applying for a new PAN. Your demographic data is obtained from the Unique Identification Authority of India (UIDAI), and you are subsequently allotted your new PAN card.

What happens if your Aadhaar and PAN are not linked?

On 31st March 2019, the Central Board of Direct Taxes issued a notification to Indian taxpayers. The notification said that taxpayers must link their Aadhaar card with their PAN card by 30 September 2019. If the cards are not linked by this date, you will not be permitted to file your income tax returns for that fiscal year.

The reason behind the introduction of this new rule by the Government of India is so that tax compliance is enhanced, as the tax payment process is now simpler. Currently, quoting your PAN is compulsory when filing returns. Moving forward, linking your Aadhar to your PAN will be mandatory to file returns.

Differences in Tax Filing: Self-Employed Individuals vs Employees

The Indian Government has levied direct taxes under the name of “Income Tax” on an individual referred to as the “assessee”. Under the Income Tax Act of 1961, the ‘assessee’ is defined as:

An individual who may be salaried, and/or the owner of proprietorship firm. Additionally, this person may be part of a Hindu Undivided Family (HUF), a partnership firm, a limited liability partnership firm, and/or a company that has been registered by the Registrar of Companies. The assessee is identified through their PAN card by the Income Tax Department.

The possible income streams of a single individual may vary. For that purpose, the Income Tax Department has classified these streams under the following heads:

  1. Income from an employee’s salary.

  2. Income from an individual’s house property (personal or property which is rented out to tenants).

  3. Any profit from an individual’s personal business or profession.

  4. Returns from an individual’s Capital Gain.

  5. Any stream of income from other miscellaneous sources.

Parameters for Classifying as Self-Employed

A person classifies as ‘Self-employed’ when she or he sells their services to employers or customers without a long-term contract with any of them. According to the Income Tax Act, 1961, tax may be levied on the income steam of Self-employed individuals under the pointer labelled “Profit and gains from Business or Profession”.

The Income Tax Act (ITA) refers to self-employment as a ‘profession’ or ‘business’, but what classifies as a profession? A personal business has been defined as, “any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture”.

While ‘profession’ has not been defined by the ITA, it is specified that profession includes vocational activities. Hence, vocations like painting, sculpting, authoring a book, writing, auditing, being a lawyer, a medicine specialist like a doctor, or an architect, to name a few, all fall under income tax-eligible professions.

Net profit from one’s business or profession must be computed after deducting all losses in the form of expenses incurred. Taxpayers should, hence, get an estimate of the gross annual income in the regular course of their self-employed business, or profession.

All earning individuals whose income is sourced from what the ITA defines as their ‘profession’, must have their accounts audited by a Chartered Accountant. Additionally, these individuals must submit a tax audit report. The latter is compulsory only if their gross annual income exceeds Rs. 50 lakhs in a financial year.

How to File Income Tax Returns for Self-Employed Individuals?

Self-employed earner have to file their income tax returns by filling a form called ’Income Tax Return– 4’, otherwise known as ‘ITR-4’. Self-employed individuals are permitted to claim all the expenses which are specifically incurred to earn them revenue from their profession. If they are able to provide valid proof that these expenses are necessary for generating income from their profession, the expenses are eligible for tax-deductions. This is the law under the presumptive scheme of taxation. According to this scheme, taxpayers have been allowed the tax-deduction of all expenses and losses which supports them to profit from their profession.

What is Presumptive Taxation?

The Indian Government declared Presumptive Taxation - an optional tax-saving scheme- specifically for two groups of self-employed taxpayers:

  1. Self-employed earners whose total gross receipts show an income of less than Rs. 50 lakhs in financial year and

  2. Businesses whose turnover income is under Rs. 2 crore.

Those who choose to opt for Presumptive Taxation:

These groups do not require to keep all records, or log any account activity. Profit for businesses from gross receipts is assumed at 8% and for profession it is 50% in a financial year. Accordingly, both groups levied income tax whose amount depends on the tax-rate applied to them. No auditing of one’s profession is required by a Chartered Accountant.

Under the presumptive taxation scheme, assessees can claim deductions on their tax saving investments under section 80C of the ITA. Additionally, medical insurance premium deductions can be claimed under section 80D. Finally, all deductions under section 80 of chapter VI A are permitted to those who opt for presumptive taxation. This scheme is applicable to any Indian resident assesses - Individuals, Hindu Undivided Families (HUF) or Partnership Firms.

Those who do not choose to opt for Presumptive Taxation:

Firstly, these groups or persons must get their accounts audited by a Chartered Accountant. After the account has been audited, they must file income tax returns and pay taxes. They may not get to claim benefits under Section 80C or 80D. Suppose a person files their tax returns under the Presumptive Scheme for one year, and opts out from the next year. In this case, they then cannot avail the benefits of the presumptive scheme in the following five consecutive years. For example:

For the fiscal year of 2018, resident assessee ‘A’ opts to file their income tax returns under the presumptive taxation scheme. ‘A’ opts out of the presumptive taxation scheme for whatever reason the in the fiscal year of 2019. They file their tax return following the normal procedure in 2019. Now, A is not permitted to return to filing tax returns under the scheme for the next 5 fiscal years. In their case, till 2024.

Don’t Wait Till March. Start Tax-Planning Today

To claim tax benefits on any tax-saving instruments in a given financial year, you must invest in such instruments within a particular timeframe. The period of investing in tax-saving investments to claim benefits on them that same financial year is provided by the Income Tax Department: between April 1 to March 31. 

It is not advisable to postpone investing in tax-saving instruments for the last few weeks of the financial year. One might, unfortunately, be too late to claim the tax benefits for the year, even if they have made their last few tax savings investments. You must account for unforeseen situations like your cheque not being cleared in time, or getting rejected due to minor technical issues.

These transactional errors can prevent you from claiming your tax benefits. This is because by the time your investments go through, the final date for claiming such investments -given as March 31st- might pass. Another potential problem may arise. Last minute tax saving investments also tend to be hurried and unplanned. With the goal of reducing their tax-liability at the last minute, people frequently do not read the fine print of the instruments they are investing in. An as example, traditional life insurance policies undergo their maximum sales at the end of the fiscal year.

This is because life insurance is a common tax saving instrument under Section 80C of the Income Tax Act. Last minute buyers do not carefully evaluate things like the fact that traditional life insurance offers around 7% in returns over a long term investment of 15-20 years. Instead, they hurriedly purchase life insurance with the hopes that it will fit their risk appetite and save their taxes. Financial planning is best done early on to avoid such hurried investments and future regrets.


  • Who is supposed to pay Income-tax?

    Sometimes income tax terms can be confusing. According to tax laws, every person has to pay income tax. ‘Person’ as per the law includes natural as well as artificial entities. For the purpose of charging Income-tax, the term 'person' includes Individuals, Hindu Undivided Families [HUFs], Association of Persons [AOPs], Body of individuals [BOIs], Firms, LLPs, Companies, Local authority and any artificial juridical person not covered under any of the above.

  • What is exempt income and taxable income?

    Tax exemptions are among the various tax benefits provided by the government. If an income is tax-exempt, it will not be considered for the computation of income tax. On the other hand, the incomes which have to be considered for taxation purposes are known as taxable income.

  • What is the period for which a person’s income is considered for the purpose of Income-tax?

    In India, the period between April 1 and March 31 is considered to be the financial year, which is used for all purposes of accounting and budgeting by the government. Taxes are an important source of government revenues and hence the financial years is used for purposes of Income Tax. The financial year is further classified into ‘Previous Year’ and ‘Assessment Year’. The year in which the income is earned is known as the previous year, while the year in which the tax is computed is known as the assessment year. For instance, the previous year 2019-20 will be the income earned between April 1, 2019, and March 31 2020. The tax on the income earned in the previous year 2019-20 will be computed in the assessment year 2020-21.

  • Who is required to pay income tax?

    Income tax is levied on both people and organizations. Tax on individuals To maintain strong demand in the economy, the government tries to create a tax regime that doesn’t hurt people’s purchasing power. Therefore, those with an income below ₹2,50,000 have zero tax liabilities. People with an income upto ₹5,00,000 have to pay 5% of their total taxable income as taxes - but they can claim it back in rebates. Individuals with an income over 5 lacs have a tax liability of upto 20% of their annual taxable income. Individuals with an income over 10 lacs have a tax liability of upto 30% of their annual taxable income. Income from your salary, pension corpus, securities market, mutual funds, etc. are all included in your annual taxable income. Tax on organizations Corporations need to pay taxes on their annual revenue. The government changes the tax rate for corporations to incentivize particular kinds of economic behavior. For instance, in 2019, the government cut the corporate tax rate by 10% to push the business community toward new investments. Similarly, different tax rates exist for domestic and foreign corporations. To make domestic firms competitive against their bigger foreign competitors, the government imposes a lower tax rate upon domestic corporations.

  • What income is not taxable?

    Certain income does not fall under the income tax ambit and is exempted entirely. Such sources of income are: ● Scholarship or Awards ● Agricultural Income ● Income from Gratuity ● Allowance for Foreign Services ● Amount received from voluntary retirement ● Receipts from an HUF (Hindu Undivided Family) ● Shared from partnership firm

  • What are the tax benefits?

    Tax laws that help in reducing the tax liability of eligible entities are known as tax benefits. Tax exemptions and deductions are some of the examples of tax saving investment benefits. The quantum of tax savings depends on the type of tax benefit sought as there are various forms of tax savings. Some of the tax-saving investment benefits are: ● Income Tax Exemption ● Income Tax Deduction

  • How can you save tax?

    The primary tool for tax saving is Section 80C of the Income Tax Act, 1961. You can claim a deduction of up to Rs. 1.5 lakh per year under section 80C for certain investments. A variety of investments are eligible for tax benefits, but fixed deposits, PPF, ULIP and ELSS are some of the popular options. One should, however, not make an investment based solely on tax savings, but keep the financial goal in mind. For instance, if the aim is to ensure a regular income with low investment risk, you should choose FD or PPF. On the flip side, if you seek high returns and have a slightly high-risk tolerance, ELSS is an ideal choice for you.

  • What are the tax benefits available on health insurance?

    Health insurance has become a necessity and the government gives a variety of tax benefits to promote its adoption. The premiums paid for medical insurance are eligible for tax benefits under Section 80C and 10(10D) as applicable. ● Section 80C: A deduction of Rs. 1.5 lakh can be claimed from your total income for health insurance premiums. ● Section 10D: Under Section 10D, any benefit received through an insurance policy will be exempted from tax (*subject to fulfilment of certain conditions)

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