Life insurance - Taxable Services - As appliable on or before 30-6-2012 - Service Tax

Life Insurance Business (introduced w.e.f. 16.8.2002, but was exempted upto 10.9.2004) (scope extended from risk cover to all services w.e.f. 1.5.2011) Accounting Code for Service Tax = 00440185 Accounting Code for Interest and Penalty = 00440186 What is taxable - 65(105)(zx) Any service provided or to be provided to a policy holder or any person, by an insurer, including re-insurer carrying on life insurance business; Meaning of Insurer - 65(58) "insurer" means any person carrying on the general insurance business or life insurance business and includes a re-insurer; Meaning of Life Insurance Business - 65(61) "life insurance business" has the meaning assigned to it in clause (11) of section 2 of the Insurance Act, 1938; As per clause (11) of section 2 of the Insurance Act, 1938; "'life insurance business' means the business of effecting contracts of insurance upon human life, including any contract whereby the payment of money is assured on death (except death by accident only) or the happening of any contingency dependent on human life, and any contract which is subject to payment of premiums for a term dependent on human life and shall be deemed to include- (a) the granting of disability and double or triple indemnity accident benefits, if so provided in the contract of insurance; (b) the granting of annuities upon human life; and (c) the granting of superannuation allowances and annuities payable out of any fund applicable solely to the relief and maintenance of persons engaged or who have been engaged in any particular profession, trade or employment or of the dependents of such persons"; Comments: A. As per Paragraph No 6. of Circular No. 96/7/2007 dated 23/8/2007 states that :- "6. This circular supersedes all circulars, clarifications and communications, other than Orders issued under section 37B of the Central Excise Act, 1944 (as made applicable to service tax by section 83 of the Finance Act, 1994), issued from time to time by the CBEC, DG (Service Tax) and various field formations on all technical issues including the scope and classification of taxable services, valuation of taxable services, export of services, services received from outside India, scope of exemptions and all other matters on levy of service tax. With the issue of this circular, all earlier clarifications issued on technical issues relating to service tax stand withdrawn."