1. Guidelines on Standard Domestic Travel Insurance Product. Circular No. IRDAI/HLT/REG/CIR/119/05/2021 dated 5th May,2021. The IRDAI through Circular No. IRDAI/HLT/REG/CIR/119/05/2021 dated 5th May,2021 issued “Guidelines on Standard Domestic Travel Insurance Product.” The Insurance Regulatory and Development Authority of India (IRDAI) has issued guidelines on Bharat Yatra Suraksha, the standard domestic travel insurance product, that will […]
WHETHER LOOSE SHEETS FOUND IN SEARCH WITH THIRD PARTY WILL CONSIDERED AS BOOKS OF ACCOUNTS. Dear friends, we know that where any sum is found credited in the books of an assessee, maintained for any previous year and the assessee offers no explanation about the nature and source thereof or the explanation offered by him […]
Dear Friends, we know that insurance has become one of the essential needs of people during their trying times. Insurance provides us financial safety against insured perils or risks. The risks may be man made or natural. We are facing today one of the greatest and dangerous pandemic COVID-19. This is man made and emerges […]
Understand the concept of Contribution & Average Clause in insurance policies. Learn how insurers distribute loss among multiple policies, preventing excessive claims. Explore the nature of contribution, contribution clause, and its application in insurance. Differentiate contribution from subrogation and delve into the average clause, ensuring fair compensation for underinsured properties.
Dear Friends, we know that income of Individuals/HUFs are taxable as per progressive tax slabs. The maximum rate of tax payable is @30%, when income of Individual/HUF exceeds Rs. 10.00 Lakhs in relevant previous year. The Central Government has inserted Section 115BAC with effect from AY 2021-22 to provide Optional Tax Regime to Individuals /HUFs. […]
Understanding the Residential Status of an Individual under the Income Tax Act, 1961. Learn how income tax is charged and when to pay it.
INSURANCE REGULATORY UPDATES –MAY, 2021 The IRDAI and Insurance Law updates provides synopsis of the introduction, amendments and changes brought by the Government the previous month ( April 2021) is being published in this bulletin. Sr. No. Particulars Page No. 1. IRDAI through Circular No. IRDAI/ACT/CIR/MISC/070/04/2021 dated 1st April,2021 has instructed the insurers to submit Technical […]
We know that there are various types business entities available for doing business. A person can choose one from many formats of entities such as a proprietorship Firm, Partnership Firm, Company, LLP etc., based on his/her requirement and capital base. Many of these entities have legal existence and treated as separate from its promoters or […]
‘VENTURE CAPITAL’ word consists of two parts one ‘Venture‘ means taking any action or undertaking a decision in which risk, uncertainty involve. Venture also means ‘to proceed especially in the face of danger’ or to undertake risks and dangers of. A person who is investing on risky projects for sake of gaining high returns is […]
Financial Statements are written records of a company that shows, its financial status on a particular date and for a financial year. It conveys financial performance of the company. Generally, in India Financial Year is a period starting from 1st April and end 31st March next year. A company has to prepare its financial statements […]
