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Income Tax - Highlights / Catch Notes

Home Highlights November 2020 Year 2020 This

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

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

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