Readers must be aware that the courts and Tribunal has regarded the forfeiture of amounts of share or debenture application money as capital recipt. This was analysed in Is forefieture of share or debenture application money taxable? The Direct Tax Code has incorporated provision u/s 56(2) by which not only share application money , but [...]
Money forfieted or received for termination or cessation of agreement
December 22, 2010 by 1 Comment
When is equity linked insurance plan free under Direct Tax Code?
September 21, 2010 by Leave a Comment
Readers are already told that section 58 (2)(y) of DTC 2010 has made all kinds of payments taxable . So, what if the life insurance product which you bought was based on the premise that the money collected by the Insurance Company shall be invested in equity market and the payments will be dependent on the result of investment in equity. Is payment under such an policy of life insurance taxable?
Shocker ! Life insurance receipts taxable in most cases from 01/04/2012
September 20, 2010 by 2 Comments
Any sum received from Life Insurance Policies -whether it was bonus or other wise was completely tax free under Income Tax Act. Only exception was that if the premium paid in year exceeded 20 % of the sum insured , in that case only exemption of the receipt was taken away.
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