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Income Tax - Highlights / Catch Notes

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Disallowance of deduction u/s 80C on account of LIC premium and ...

Income Tax

October 18, 2016

Disallowance of deduction u/s 80C on account of LIC premium and the Tuition Fees paid - documentary evidence - The said amounts have been duly paid out from the banking channels and deserve to be allowed - AT

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  2. Deduction u/s 80C - the payment of LIC premiums made during the previous year out of loan funds are also eligible for deduction u/s 80C - AT

  3. Disallowance of premium paid for Keyman Insurance Policies – investment plans with accompanying insurance benefits - cannot be claimed as business expenditure - AT

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

  5. Cenvat Credit - eligible input services after amendment - outdoor catering services, life insurance and premium - in view of specific exclusions, credit cannot be allowed - AT

  6. Additions u/s 40(a)(i) for non deduction of TDS - The assessee has to necessarily deduct tax on the premium paid to non-resident re-insurance company for reinsurance.

  7. Disallowance of payment of premium under “Keyman Insurance Policy – maturity or surrender amount under the Keyman Insurance Policy was not exempted but taxable under...

  8. 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...

  9. Refund of unutilized CENVAT Credit - appellants are rightly eligible to take credit of service tax paid on insurance premium on Group Insurance Policy, as the said...

  10. Cenvat credit - insurance premium having been paid for the health insurance of the employees of the factory and Pest Control Service availed to protect the property of...

 

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