There is a fundamental difference between Sales tax and Service tax. In case of Sales tax , the seller is responsible to deposit the sales tax even if he has not collected that from the customer but in case of service tax the liability of service provider arises only when he has received the value of taxable...
What is meant by gift in contemplation of death used in section 56(2) of I TAct ?
July 25, 2010 by
Section 56(2)(vii) is among many exceptions provides under clause (d) that if an individual or HUF receives any sum of money without consideration (read as gift ) in contemplation of death , the receipt will not be taxable. The issue is what is the meaning of phrase "in contemplation of death " which is not explained any where in the Income Tax Act.
What You Must Know About Tax Impact on Surrender of Insurance Policy?
January 17, 2010 by
deduction for investment in ULIP taxation : My friend has invested 4 lacs as single premium in unit linked pension plan. If for some reason he surrenders the policy after 5 years ( i.e before the vesting age). On what amount will he have to pay tax. He has not claimed any tax benefit u/ s 80c. Pawan Kumar , Delhi Two
Is Redeeming Value on ULIP Tax Free?
December 20, 2009 by
I invested in ULIP single premium of Bajaj Allienz (1.04.2005) on 1 Lac and got the sum assured Rs 5 Lac. Subsequently invested in Top up Rs 5 lac on that. All sum was invested in Equity oriented fund . After three years now the fund value is Rs Rs 8 lac ( on 15.12.2009)
When Is LIC Payments Taxable?
April 17, 2007 by
How are the following items treated in income tax?1. Amount received after 5 years from a LIC Money back policy2. Amount received from PF Withdrawl3. Gratuity Amount received from an employersanjeevguptacp@ail.com LIC PaymentsThe amount received from Insurance companies are Generally non taxable . However there are three types of payments under life insurance policy that...
Monthly Subscription
Annual
Semi Annual Subscription
Quiz for CA/ICMA/CS Students
