Is your single premium life insurance policy eligible for tax benefits? Life insurance doesn’t necessarily mean that you have to keep paying the premium every year. There are single premium life insurance (SPLI) policies as well, which provide similar tax benefits of protection and savings as the regular premium ones. The term of SPLI policies […]
Can you transfer insurance in your name after buying a pre-owned vehicle? I have recently bought a second hand vehicle. The vehicle owner transfer insurance cover for the car. Can it be transferred on my name now that I have bought the vehicle? In India every vehicle owner mandatory needs to have a motor insurance […]
Section 80P (4) of Income Tax Act 1961 A lot of misunderstanding among the ITATs,Income tax authorities,legal practitioners and Chartered accountants on the applicability of the provisions of Section 80P of Income Tax Act 1961. The Section deals with deduction in respect of income of Co-operative Societies which is as follows:-
Critical issue of removal of auditor Many professionals have been raising question on interpretation/ procedure for removal of auditor:- Situation: The Companies Act, 2013 permits removal of auditor before completion of his term. The procedure for removal of auditors is given in sub-section (1) of Section 140 of the Act. If a Company is not […]
Restrictions imposed u/s 269ST on Cash Receipts The Finance Bill 2017 introduced a new Section 269ST in the Income Tax Act. The new section will impose restriction on receipt of any amount exceeding Rs.3 lakhs through modes other than the modes prescribed in that section.