Oct 12, 2009, 10.43 AM IST | Source: CNBC-TV18

Bonuses on LIC policies are taxable: Revenue Secy

The new Direct Tax Code does not seem friendly towards investors of LIC policies. Revenue Secretary PV Bhide today indicated that bonus amounts received on maturity of LIC policies will be liable to tax.

Bonuses on LIC policies are taxable: Revenue Secy

The new Direct Tax Code does not seem friendly towards investors of LIC policies. Revenue Secretary PV Bhide today indicated that bonus amounts received on maturity of LIC policies will be liable to tax. "The broad principle is whatever has accrued by March 31 will remain with you as benefit. But that does not apply to bonuses paid after that."

He also ruled out any tax concession for special economic zones under the new Direct Tax Code. "We are looking at long gestation period projects separately."

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