Keyman Insurance Policy- Income Tax Benefit

Tax benefit on Premiums paid for Life insurance, Pension plans, medical insurance and taxability of sum received under life insurance policy Posted: 09 Oct 2011 07:36 PM PDT Premiums paid for Life insurance – Deduction under Section 80C Category of assesses allowed deduction: Individual assessee and Hindu Undivided Family assessee. Eligible Savings: Premiums paid or deposited by assessee to effect or to keep in... [[ This is a content summary only. Visit www.taxguru.in for full article ]] How costly can the delay in filing tax returns be? Posted: 09 Oct 2011 06:37 PM PDT Assessees having income from salary have to file return of income before July 31 of the assessment year. This is the `due date' prescribed in section 139(1) of the Income Tax Act, 1961. Self-employed businessmen and professionals, and those deriving... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Unexplained Investment Under Section 69 Posted: 09 Oct 2011 06:21 PM PDT Section 69 does not provide any guideline about the extent and length of the discretionary power given to AO in the matter of treating the investment as income which is unexplained or unsatisfactorily explained by the investor-assessee. Therefore,... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Format of Decleration to be taken from Donee by Trusts for donation received towards Corpus Fund Posted: 09 Oct 2011 06:18 PM PDT As we all know anonymous donations received by a trust are taxable, so every charitable trust has to keep the records of donation received which includes keeping the name, address and PAN of donee. If donations are received towards corpus than trust... [[ This is a content summary only. Visit www.taxguru.in for full article ]] Keyman Insurance Policy- Income Tax Benefit Posted: 09 Oct 2011 05:22 PM PDT The amount on claim or maturity under a keyman insurance policy is not exempt under Section 10 (10D) of the Income Tax Act if the company is paying the premiums. However, in case the policy has been assigned to the keyman and the keyman is paying... [[ This is a content summary only. Visit www.taxguru.in for full article ]] How To Get Relief From Double Taxation? Posted: 09 Oct 2011 04:56 PM PDT In case , one earns income which suffers tax outside India, the Income Tax Act has clear provision of relief from such double taxation. The relevant provision are contained in section 90 and section 91 of the I T Act. Section 90 is applicable for... [[ This is a content summary only. Visit www.taxguru.in for full article ]]