Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: form 3cd :: list of goods taxed at 4% :: TAX RATES - GOODS TAXABLE @ 4% :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: ACCOUNTING STANDARDS :: TDS :: due date for vat payment :: cpt :: VAT Audit :: empanelment :: Central Excise rule to resale the machines to a new company :: articles on VAT and GST in India
 
 
« General »
 Shah gets notices over civic tax dues
 Tax revenue down in first six months after prohibition
 Post demonetisation, Income Tax department sends 30 cases of irregularities to Enforcement Directorate, CBI
 Don’t rush into a new tax without being prepared
 Can’t tax income from palace rent: Supreme Court
  Withdrawal of Legal Tender Character of the existing Bank Notes in the denominations of â‚ą 500/- and â‚ą 1000/- (Updated as on November 30, 2016)
 Cases for tax scrutiny will be selected by machines
 Time to revisit 1997 direct tax rates, says P Chidambaram
 Lok Sabha passes Bill to tax black money deposits post demonetisation
 Last day to pay property tax with old notes
 Income tax department asks IDS declarants to pay tax by 30 November

Life insurers want service tax parity
January, 02nd 2010

The life insurance industry wants service tax on fund management charges to be withdrawn, as is the case with mutual funds. The Life Insurance Councilthe representative body of life insurerswill shortly make a presentation to the finance ministry urging the introduction of a uniform taxation platform for the life insurance sector.

Confirming the development, Life Insurance Council secretary general SB Mathur said: The life insurance industry paid a total service tax of about Rs 4,000 crore last year under various heads, including fund management charges as well as agent commission. We want a uniform tax structure on all similar financial products.

For example, at present asset management companies do not pay any service tax on fund management fees but the insurance industry pays 10.3% service tax.

Max New York Life director (finance) & chief financial officer Sunil Kakkar said: Insurers also pay service tax on mortality charges as well as auditors fees.

But the major difference lies in payment of service tax on fund management between unit-linked products and mutual funds.

Although service tax on mortality charges can be passed on to customers, the tax on fund management cannot be passed on in entirety.

Interestingly, the cap on charges of unit-linked insurance plans has come into force from January 1. The Insurance Regulatory & Development Authority (Irda) has capped fund management charges at 1.35% for all tenures.

Rationalisation in the commission structure is also expected with more than 200 insurance products being refiled to comply with the new cap announced by the insurance sector watchdog.

The Life Insurance Council is also trying to asses the impact of the proposed goods and services tax (GST) on insurance products. Although details are not out yet, the council feels components like central and state GST may complicate matters.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
SEO Company Search Engine Optimization Company US SEO Local SEO Company Website SEO Company Alabama SEO Company Alaska SEO Company Arizona SEO Company Arkansas SEO Company California SEO Company Colorado SEO Company Connecticut SEO Company Delawa

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions