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        Bills

        Clause 5 - Amendment of section 10.

        Finance Bill, 2012
        Chapter III - Part 1
        Direct Taxes - Income Tax

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        Insurance policy premium cap tightened for recently issued policies, restricting tax-exempt receipts, and new crude oil sale exclusion introduced. The amendments restrict the life insurance exemption for policies issued on or after 1 April 2012 to policies whose premium does not exceed ten per cent of the actual capital sum assured and add an Explanation adopting the meaning of actual capital sum assured. They insert a proviso requiring inclusion of a trust's income where specified earlier conditions become applicable irrespective of withdrawn approvals, revise the venture capital undertaking definition to follow SEBI regulations, and add an exclusion for specified foreign company crude oil receipts subject to prescribed conditions.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Insurance policy premium cap tightened for recently issued policies, restricting tax-exempt receipts, and new crude oil sale exclusion introduced.

                                The amendments restrict the life insurance exemption for policies issued on or after 1 April 2012 to policies whose premium does not exceed ten per cent of the actual capital sum assured and add an Explanation adopting the meaning of actual capital sum assured. They insert a proviso requiring inclusion of a trust's income where specified earlier conditions become applicable irrespective of withdrawn approvals, revise the venture capital undertaking definition to follow SEBI regulations, and add an exclusion for specified foreign company crude oil receipts subject to prescribed conditions.


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