Quiz for the week (02 Feb 2026) :
Madhu a resident, took one life insurance policy in May 2020 for Rs.10 lakhs (sum assured) with annual premium of Rs.2.50 lakhs for 5 years. He received Rs. 14.80 lakhs on maturity of the policy in May, 2025. He had not claimed premium as deduction as he filed ITR under new regime from the assessment year 2023-24 onwards. How much of the maturity sum of the policy is taxable in his total income for the assessment year 2026-27?
Share your thoughts on the above on or before 9th February, 2026.