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Archive: 23 November 2022

Posts in 23 November 2022

Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022

November 23, 2022 1980 Views 0 comment Print

Salient features of the Draft IRDAI (Expenses of Management of Insurers Transacting Health & General Insurance Business) Regulations, 2022 are as under –   Regulations supersede the IRDAI (Expenses of Management of Insurers transacting General or Health Insurance business) Regulations, 2016

VAT payment doesn’t attract provisions of section 40(a)(iib) of the Income Tax Act

November 23, 2022 2127 Views 0 comment Print

ITAT Chennai held that the VAT payment would not attract the provisions of section 40(a)(iib) of the Income Tax Act and hence, is allowable u/s.37 read with section 43B of the Act

Statement recorded u/s 133A not an incriminating material

November 23, 2022 3261 Views 0 comment Print

ITAT Lucknow held that statement recorded u/s 133A of the Income Tax Act is not an incriminating material for the purpose of making search assessment u/s 153A.

Penalty u/s 144AA unsustainable as no evidences showing knowledge of fraud to appellant

November 23, 2022 1245 Views 0 comment Print

CESTAT Delhi held that Penalty under section 114AA is imposable only if knowingly or intentionally a false declaration, statement or document is made, signed or used. As there are no evidences that appellant knew of the fraud/ forged licences, penalty u/s 114AA cannot be sustained.

Corporate Governance Forums

November 23, 2022 14445 Views 0 comment Print

Understand the importance of corporate governance forums in ensuring ethical business practices and building trust with investors and the community.

Exposure draft- IRDAI (Payment of Commission) Regulations, 2022

November 23, 2022 1434 Views 0 comment Print

Draft IRDAI (Payment of Commission or Remuneration or Reward to Insurance Agents and Insurance Intermediaries) Regulations 2022 is revised to IRDAI (Payment of Commission) Regulation 2022.

Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022

November 23, 2022 1314 Views 0 comment Print

Key changes being proposed in Draft IRDAI (EOM of Insurers Transacting Life Insurance Business) Regulations, 2022 are as under – Introduction of Objective Clause – To enable and give flexibility to the insurers to manage their expenses within overall limits based on their gross written premium to optimally utilize their resources for enhancing benefits to policyholders

Differential Tax Amount Post-GST Not Reimbursed to Contractors

November 23, 2022 2250 Views 0 comment Print

HC granted major relief to contractors by staying the coercive steps against the contractors and ordered the State GST department to abide by its circular, Finance Department vide Office memorandum No. FIN-CTI-TAX-0045-2017/38535/F dated December 10, 2018 to address the problems with works contracts brought on by the change from VAT to GST tax system

Unrealized sale proceeds should be excluded from export and total turnover

November 23, 2022 894 Views 0 comment Print

ITAT Chennai held that deduction under section 10A of the Income Tax Act should be computed after excluding unrealized sale proceeds from export turnover as well as total turnover.

What is HUF and how to make HUF deed?

November 23, 2022 35154 Views 7 comments Print

Learn about the concept of Hindu Undivided Family (HUF) and the process of making a HUF deed. Understand the legal and financial implications of forming a HUF.

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