Tax Management India. Com
Law and Practice  :  Digital eBook
Research is most exciting & rewarding
  TMI - Tax Management India. Com
Follow us:
  Facebook   Twitter   Linkedin   Telegram
Income Tax - Highlights / Catch Notes

Home Highlights September 2015 Year 2015 This

Addition of negative reserves to the actuarial surplus for ...

Case Laws     Income Tax

September 11, 2015

Addition of negative reserves to the actuarial surplus for determining the profit from business of Life Insurance - AO has no power to make any adjustment against Actuarial surplus determined as per Insurance Act while making computation of total income - AT

View Source

 


 

You may also like:

  1. 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...

  2. 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...

  3. Addition u/s 2(22)(e) - deemed dividend of income - the security premium reserve cannot be regarded as part of accumulated profits u/s 2(22)(e) and when such security...

  4. MAT computation - Valuation of assets on amalgamation - determining book profit - Since, the capital reserve is out of purview of Section 115JB, and the “Revaluation...

  5. The Income Tax Appellate Tribunal examined the determination of net profits from contract business, rejection of books of accounts, and addition u/s 40(a)(ia) for...

  6. CIT(A) determined profit at 5.47% on total purchases. Assessee produced sufficient evidence regarding purchases, movement of goods, GST payment on transportation,...

  7. Loss is negative profit. Both positive and negative profits are of revenue character. Both must enter into computation, wherever it becomes material, in the same mode of...

  8. Imposition of penalty u/s 271(1)(c) of the Income Tax Act for two types of additions: (1) the addition made u/s 50C on the difference between stamp duty value and sale...

  9. Additions towards Bogus purchases - Estimation of profit - Purchases are to be removed, the corresponding sale is also required to be removed from the profit and loss...

  10. Tonnage Tax Reserve Account - Sec. 115VT - donation and prior period items cannot be added to the book profit for the purpose of determining the transfer of profit to TTRA - AT

  11. Penalty levied u/ss 271(1)(c) and 271AAA for unexplained investment and addition made by adopting net profit as per the books of accounts at 12.85% on the suppressed...

  12. Insurance Business - Addition on account of Surplus disclosed in Form 1 of Actuarial Report - Netting off of 'surplus' available both in Policy Holders Account and Share...

  13. MAT - Addition being excise subsidy received to the book profits, as a reserve according to Explanation (b) to Section 115JB - Since the reserve was not created by...

  14. Profit estimation on unaccounted turnover: AO estimated 8% profit based on seized material, which was reduced to 5% by CIT(A). ITAT held that in case of profit...

  15. MAT computation - Disallowance of Debenture Redemption Reserve[DRR] - it is not the Assessing Officer who has ‘increased’ the amount of Net Profits, on the contrary it...

 

Quick Updates:Latest Updates