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Income Tax - Highlights / Catch Notes

Home Highlights May 2021 Year 2021 This

Addition on account of negative reserves - The negative reserves ...

Income Tax

May 11, 2021

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 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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