Home Highlights June 2013 Year 2013 This

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1. Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

2. Disllowances towards premium of keyman insurance policies - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the...

3. Accrual of income - recognition of revenue - change in method of accounting policy from recognition of Commission for insurance agency business from month of...

4. Amount received by the assessee on maturity of the Keyman Insurance Policy - not eligible to claim exemption u/s 10(10D) - Legislature in its own wisdom never intended...

5. Levy of Service Tax - Life Insurance Services - The phrase “any person” cannot be read in isolation, but will have to be read along with the entire definition as per the...

6. Valuation - life insurance business - treatment of surrender value’ exacted, on premature exit, from holders of ‘unit linked insurance policy (ULIP)’as consideration for...

7. Determination of income u/s 44 - Taxing the income arising on account of shareholders profits - where the assessee company was engaged only in life insurance business...

8. Key man insurance policy - Taxability of the sums received on maturity of life insurance policy - Assessee claimed it as exempt income u/s 10(10D) - It was contended...

9. Exemption u/s 10(10D) - addition of the surrender value of the assigned keyman insurance policy - On the basis of Section 10(10D) of the Act, with its Explanation 1, the...

10. Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First...

11. Section 194DA mandates tax deduction at source (TDS) at 5% on payments made under life insurance policies, excluding exempt amounts. The proposed amendment reduces the...

12. Keyman Insurance Policy - premium paid for the partners - The premium paid on the Keyman Insurance Policy is allowed as business expenditure - HC

13. TDS U/S 194J - TDS on payment to hospitals for rendering medical services to policy holders under various health insurance policies issued by several insurers - TDS...

14. Exemption u/s 10(10D) on the maturity value of the Keyman Insurance Policy - Assessee received the amount on maturity of Keyman Insurance Policy after coming into effect...

15. CENVAT Credit - input services - insurance policy - Credit of service tax paid on insurance policy is admissible when the policy covers the employees and family members...