Insurance company - Adjustment of Negative Reserves - The ...

Case Laws Income Tax

November 20, 2020

Insurance company - Adjustment of Negative Reserves - The negative reserves would be nothing but premium receivable by the insurance company. However, there would always be a chance that policyholder might not continue with the insurance polity bought by him which would result in non-receipt of premium which was otherwise receivable by the insurance company. Therefore, the same could not be taxed. - AT

View Source

← Previous Next →

Insurance company - Adjustment of Negative Reserves - The ...

Case Laws Income Tax

November 20, 2020

You may also like:

Addition on account of negative reserves - The negative reserves would be nothing but premium receivable by the insurance company. However, there would always be a...

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...

TP Adjustment - Working capital adjustment - there is no need for making any negative working capital adjustment, when assessee does not carry on with any working...

Book adjustments u/s 115JB - Insurance company - Minimum alternate tax (MAT) - these companies cannot be treated differently for the purpose of sec. 115JB - provisions...

Eligibility of CENVAT credit - Input services or not - insurance service - premium for the master insurance policy issued to the appellant - The Cenvat credit was denied...

Transfer pricing adjustment made to alleged international transaction of AMP expenditure incurred by assessee disallowed due to lack of evidence that assessee agreed to...

Return of TDS amount deducted u/s 194A on award passed under motor insurance act - This application is allowed and the Registry is directed to release the amount...

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...

The applicant, acting as an aggregator for diagnostic and lab services provided through third-party diagnostic labs, is liable to collect GST on the entire invoice...

The circular addresses the entitlement of Input Tax Credit (ITC) by insurance companies on repair expenses for motor vehicles in reimbursement mode of claim settlement....

Income recognition - Entitlement to follow accounting standard 9 for revenue recognition in respect of TPA fee received from insurance companies - It is evident that the...

The Circular addresses the taxability of salvage/wreck value in motor vehicle insurance claims under GST law. Insurance companies are not liable to pay GST on salvage...

Insurance company computing income u/s 44 is not required to include profits from sale of investments for periods prior to 01.04.2011 as per Rule 5, aligning with...

Rejection of remission of duty in respect of the goods lost in fire - once insurance company has granted the insurance claim for the principal amount of the goods...

Input tax credit - GST charged by the Medical/ Health Insurance Company in respect of insurance done for employees - requirement prescribed under Section 17(5)(b) stands...

Quick Updates: