| PRESUMPTIVE TAX SCHEME in Direct Tax Code Posted: 24 Oct 2010 08:27 AM PDT 
The Direct Taxes Code Bill, 2010 (DTC) seeks to reach out to the diehard tax-evaders in business by offering them virtually an olive branch, if not by raising a white flag. On a turnover up to Rs 1 crore — as against the extant norm of Rs 60 lakh — one can get away with a tax on Rs 8 lakh with the profit being presumed at 8 per cent of turnover. In other words, the presumed profit margin for those in business would be deemed to be just 8 per cent, irrespective of the nature of... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
| IRDA suspends sale of Universal Life policies Posted: 23 Oct 2010 09:58 PM PDT 
The Insurance Regulatory and Development Authority (Irda) has suspended sale of universal life policies (ULPs), which were being promoted as an alternative to unit-linked insurance plans, from October 23. Sales have been suspended until the final guidelines for ULPs are issued. Irda said it had received several complaints on the sale practices of the insurers regarding ULP. "After examining the complaints, the authority is satisfied that the universal life products need a better regulatory... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]  |
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