CAclubindia Articles

Is trading in a Life Insurance Policy allowed?

FCS Deepak Pratap Singh 03 September 2024 at 08:53

"It is suggested that life insurance policies be treated as a capital asset falling within the definition of "property" under Section 2(14) of the Income Tax Act. Indexation benefit (for premiums paid) will take care of inflationary impact, resulting in parity with other capital assets," ICAI said in its Pre-Budget Memorandum, 2022.

No ITC reversed for the portion of the LIC premium not included in the taxable value, as per Rule 32(4)

CA Amit Harkhani 03 September 2024 at 08:46

Life insurance companies provide services by insuring the life of the insured. In exchange, they charge a premium, which may include components for both risk cover and investment/savings.

The Evolution of Taxation in India: From Ancient Times to GST

akansha Singh 02 September 2024 at 13:59

Over the decades, there has been a significant change in the practice of charging income tax. Let us look into the history of income tax from ancient times.

Who is Required File Tax Audit Report before September?

CA Umesh Sharma 02 September 2024 at 13:13

The last date to file the Tax Audit Report is 30th September of the assessment year. It is crucial to adhere to the deadlines to avoid any penalties

Key Features of New e-DRS Scheme

CS Lalit Rajput 02 September 2024 at 10:05

The Central Board of Direct Taxes (CBDT) has introduced a new e-DRS (Electronic Dispute Resolution Scheme) to streamline the process of resolving income tax disputes.

Case Study: Lease Rent Payment (Fixed or Variables)

FCS Deepak Pratap Singh 02 September 2024 at 08:31

In the given case, payment of Rs 2 per bottle packed is variable is nature because the no. of bottle packed will vary.

September 2024 Compliance Calendar

DSC Sign 02 September 2024 at 08:25

As a business owner, staying compliant with various statutory requirements is essential for smooth operations and to avoid penalties. For the month of September 2024, there are several key due dates that you should be aware of.

Holding Period for Residential Properties: Allotment or Agreement? A Comparative Analysis

CA. Bhavik P. Chudasama 31 August 2024 at 17:36

This article aims to shed light on this issue, analyzing relevant case laws and providing a comprehensive understanding of the prevailing legal position.

GST on Passenger Transportation in EVs and Renting of EVs

Shashank Tellakula Anand 31 August 2024 at 08:46

GST on Passenger Transportation in EVs and Renting of EVs Renting v/s Transportation of Passengers:As per Circular No. 177/09/2022-TRU Entry 15:Renting of moto..

Preparation for CA Exams - Guidance to Students

Chhaviraj Joshi 31 August 2024 at 08:39

A professional course such as CA, CS or CMA is highly desirable by students because of the specialized knowledge (Accountancy, Law, Costing, and other subjects) it imparts and also tremendous career opportunities, whether in job or practice. Also to be considered is that these professionals have certification power backed by the law.