Residential status of an assessee is important in determining the scope of income on which income tax has to be paid in India. Broadly, an assessee may be resident or non-resident in India in a given previous year. Residential status of an Individual & Hindu Undivided Family Under Section 6(1), an individual is said to…
DetailsCIRCULAR CIR/IMD/FIIC/05/2015 June 12, 2015 To, 1. All registered…
DetailsThe Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “India is one of the largest consumers of gold in the world and imports as much as 800-1000 tonnes of gold each year. Though stocks of gold in India are estimated to be over 20,000 tonnes, most of this…
DetailsIn general, health insurance policies have specific exclusions for pre-existing diseases for a specified period of cover during the initial years. However, it has been observed that in cases where policyholder wishes to switch from one insurer to other, they do not gain any credit for the period of cover with previous insurer. Consequently the…
DetailsThe Finance Minister in his budget speech for the Union Budget 2015-16 made the following announcement: “One way to curb the flow of black money is to discourage transactions in cash. Now that a majority of Indians has or can have, a RUPAY debit card. I therefore, proposes to introduce soon several measure that will…
DetailsFinance Minister has approved the formation of 2 Committees for facilitating implementation of Goods and Services Tax from 1.4.2016. A Steering Committee been formed under the Co-Chairmanship of Additional Secretary, Department of Revenue and Member Secretary, Empowered Committee of State Finance Ministers. This Committee has Members from Department of Revenue, Central Board of Excise & Customs,…
DetailsOver fourteen years have elapsed since the introduction of TPAs into the Indian Insurance Industry and since the notification of the IRDA (TPA – Health Services) Regulations, 2001 in 2001. While certain amendments were carried out during 2013 and 2014, it was felt necessary to revisit certain provisions governing the TPA space. In addition to…
DetailsThe Union Cabinet chaired by the Prime Minister, Shri Narendra Modi, today gave its approval to introduce a new Bureau of Indian Standards Bill, 2015. The new Bill will provide legislative framework for following new provisions other than the provisions in the existing Bureau of Indian Standards Act, 1986 which is proposed to be repealed: The…
DetailsWhen you change your health insurance policy from one insurance company to another, you don’t have to lose the benefits you have accumulated. In the past in health insurance policies, such a move resulted in your losing benefits like the waiting period for covering “Pre-existing Diseases”. Now IRDA protects you by giving you the right…
DetailsNew Delhi : 21 May 2015 A meeting of finance/taxation ministers of North Indian states took place at the Delhi Secretariat on Thursday. The meeting held at the initiative of Delhi finance minister Mr Manish Sisodia was aimed at bringing uniformity in tax rates. It has been felt that due to huge variance in tax…
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