As you are aware that a contract of General Insurance is generally a contract of indemnity, it means an insured will not receive from insurance company more than the loss he /she suffered. Further an insured is not allowed to gain more than, what he suffered due to insured peril from the insurance company. “Indemnity” […]
The Budget -2022 has brought many changes in the Goods and Services Tax (GST). We are going to discuss those important changes in this article. 1. Clause 99 of the Finance Bill -2022 seeks to amend section 16 of the Central Goods and Services Tax Act, 2017 – SECTION 16 DEALS WITH INPUT TAX CREDIT;
Section 6(1) of IT Act, 1961 offers two sets of parameters to determine whether a particular person is an Indian citizen or not. If the said individual falls under any one of the following criterias, he/she will be a resident of the country.
As you are aware that the history of exchange control laws in India goes back to year 1939, when the law relating to exchange control was introduced for th first time as a war measure under the defense of Indian Rules. It was subsequently place on statutory basis by the Foreign Exchange Regulation Act, 1947, […]
Age is one of the most important facts to be declared by the customer at the time of onboarding, because the rate of premium, the risk attached to his age, his medical conditions etc., will be determined on the age.
Understand the crucial Agreed Bank Clause in insurance policies when dealing with financing from Banks, Financial Institutions, or NBFs for projects, homes, working capital, and more. Learn how this special clause protects the interests of Banks/Financial Institutions and the insured, ensuring compliance with Loan Agreement conditions. Delve into the specimen Bank Clause, exploring its provisions related to payments, discharge of liabilities, communication, and dispute resolution. Stay informed about the impact on insurance coverage in case of property ownership changes or alterations, emphasizing the importance of timely notification.
Learn about the rules for Indian residents acquiring property outside India under FEMA regulations and the tax implications under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015.
Can an assessee who has surrendered his income in response to the specific information sought by the Assessing Officer in the course of survey, be absolved from the penal provisions under section 271(1)(c) for concealment of income?
Dr. Anjanaiah v. ACIT (2019) 75 ITR 315 (Bang.)(Tribunal) BRIEF FACTS: The assessee purchased land from the sale proceeds of property held by him, and constructed a nursing home and residential house thereon. On the residential house, he claimed exemption under section 54F of the Income-tax Act, 1961. The Assessing Officer restricted the deduction under […]
We Know that the value of a taxable supply is the taxable base on which the rate is applied. It is important to understand and calculate the value of supply for ascertaining GST liability. GST will be applicable in the value of the goods and services supplied. The valuation process of supply under GST is […]
