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Income Tax - Highlights / Catch Notes

Home Highlights March 2023 Year 2023 This

Computation of income - business of carrying out life insurance ...

Income Tax

March 16, 2023

Computation of income - business of carrying out life insurance viz-a-viz investment amortization - Ms Jha’s submission that in the computation of profits and gains of the appellant/assessee insofar as its insurance business is concerned, only the provisions of Section 44 of the Act would apply, has weight and hence will have to be accepted. - HC

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  1. 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...

  2. Services of life insurance business - (a) Janashree Bima Yojana (JBY) and (b) Aam Aadmi Bima Yojana (AABY)on - exempted from service tax - Notification

  3. Amortization of premium paid on investments under "held to maturity category" - assessee is entitled to the amortization of security premium, as claimed - HC

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

  5. Key Man Insurance Policy - once it has been sold as a life insurance policy on the keyman to the business, as long as it is in the nature of life insurance policy,...

  6. 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...

  7. Rule of consistency - for the period of about 15 years, assesse’s submissions the annual amortization of the initial lease consideration, as advance rent was accepted -...

  8. 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...

  9. CENVAT Credit - input services in the nature of the employee benefit - life insurance of employees - the need for exclusion would arise only when the services are...

  10. TDS u/s 194A - interest income paid to a company carrying on a business of insurance need not deduct tax at source. - AT

 

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