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: list of goods taxed at 4% :: due date for vat payment :: ACCOUNTING STANDARD :: VAT RATES :: form 3cd :: VAT Audit :: Central Excise rule to resale the machines to a new company :: cpt :: TDS :: ACCOUNTING STANDARDS :: ARTICLES ON INPUT TAX CREDIT IN VAT :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: empanelment :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
Direct Tax »
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30
 Cash trove tax drive dilemma
  CBDT halves Income Tax refunds issue timeline to 15 days for this fiscal
 CBDT signs four unilateral advance pricing agreements
 Central Board of Direct Taxes allowed Rs 4,500 crore of irregular benefits to infrastructure companies: CAG

Insurance sector hopes for relook at DTC proposal, FDI ceiling
March, 14th 2012

The insurance industry's expectations from this year's Budget include an overall re-look at the proposals of the Direct Tax Code, waiver of service tax and an increase in the ceiling on foreign direct investment.

Although implementation of the DTC has been deferred for a year, the fear is that some of its proposals may be included in this year's Budget.

According to Mr Amitabh Chaudhry, Managing Director and CEO, HDFC Life, most of the DTC recommendations are negative for the insurance industry. So the real concern is that the Budget may pick up elements of the DTC and implement them.

However, with the Standing Committee on Finance recommending that sum assured should be 10 times the annual premium (instead of 20 times as recommended by the DTC), companies are hopeful that at least this will be implemented.

Another DTC proposal, to tax customers on maturity of the policy or EET (Exempt Exempt Tax) method would also have an adverse impact on the life insurance industry, said Mr V. Srinivasan, Chief Financial Officer, Bharti AXA Life Insurance.

The demand, therefore, is to retain EEE so that the final return in the hands of policyholders at the time of maturity is not taxed.

Companies would also like to see a separate tax exemption limit of Rs 2 lakh for long-term saving instruments such as life insurance This will promote long term savings habit among investors,'' said Mr Rajesh Sud, CEO and MD, Max New York Life Insurance.

A long pending demand is raising the ceiling on FDI in insurance to 49 per cent. Many insurance companies would like to invite foreign partners to raise their stake. Raising the cap to 49 per cent will provide enough incentive to foreign companies to invest in Indian insurance sector. This will attract required capital in the industry and help the sector expand much faster,'' said Dr. Damien Marmion, Chief Executive, Max Bupa Health Insurance.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Internet Marketing Website Marketing Internet Promotion Internet Marketing India Website Marketing India Internet Promotion India Internet Marketing Consultancy Website Marketing Consulta

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