General and health insurers are not allowed to modify the existing benefits, add new benefits in the existing products which leads to imposing an increase in premium. However, it is clarified insurers are permitted to effect minor modifications as stipulated at Clause (G) of Chapter – III of consolidated guideline on product filing in health insurance business (Ref: IRDAI/HLT/REG/CIR/194/07/2020 dated 22.7.2020). Addition of new benefits / up-gradation of existing benefits may be offered as add-on covers or optional covers with a standalone premium rate to ensure an informed choice to the policyholders.
A professional qualification or post-graduate degree or post graduate diploma (minimum two years in duration) in finance, accountancy, business management, commerce, economics, capital market, banking, insurance or actuarial science from a university or an institution recognized by the Central Government or any State Government or a recognised foreign university or institution or association or a professional qualification by completing a Post Graduate Program in the Securities Market (Investment Advisory) from NISM of a duration not less than one year or a professional qualification by obtaining a CFA Charter from the CFA Institute;
In re Amogh R. Bhatwadekar (GST AAAR Maharashtra) IGST under reverse charge Mechanism (RCM) payable on purchase of e-goods from foreign suppliers Having pointed out the disputed issues as mentioned hereinabove, we set out to examine the place of supply in case of the impugned OIDAR services. In this regard, reference is invited to the […]
Principal Chief Commissioner of Income-tax, North East Region Headquartered at Guwahati to to issue orders in writing for the exercise of the powers and performance of the functions by Commissioner of Income-tax (Appeal) (Central), North East Region, Guwahati.who are subordinate to them in respect of such territorial areas. MINISTRY OF FINANCE (Central Board of Direct […]
Deepak Naik Vs Prestige Estate Projects Ltd. (NAA) We find this to be a fit case where the Respondent’s claim of having passed on the benefit to his recipients/homebuyers requires to be verified against third party evidence in the form of written acknowledgements receipts from the homebuyers evidencing the receipt of the benefit, including its […]
In view of the challenges faced by taxpayers due to the outbreak of Novel Corona Virus (COVID-19), the Government of India has taken several taxation measures to extend tax exemptions received by the industries.
Southern Ferro Ltd. Vs State of Karnataka (Karnataka High Court) In respect of electricity supplied to the consumers by a non-licensee through a licensee, the electricity tax payable is on the units of the electricity supplied. Obviously, the unit of electricity supplied is the indicator of the quantum of electricity consumed and since the electricity […]
Standard Operating Procedure (SOP) for implementation of the provision of suspension of registrations under sub-rule (2A) of rule 21A of KGST Rules, 2017 –regarding
As a trade facilitation measure and in order to further ease the process of doing business, the GST Council in its 42nd meeting held on 05.10.2020, had recommended that registered person having aggregate turnover up to five (5) crore rupees may be allowed to furnish return on quarterly basis along with monthly payment of tax, with effect from 01.01.2021. Government has issued following notifications to implement the Scheme of quarterly return filing along with monthly payment of taxes
DCIT Vs EIH Associated Hotels Ltd. (ITAT Kolkata) It is noted that the staff recruitment expenses were incurred only exclusive for the purpose of business and hence allowable expenditure. We note that the expenses on account of employees’ relation expenses to the tune of Rs. 3,78,242/- was incurred for efficient functioning of the business which […]
