Keyman insurance receipts now treated as taxable income by amendment, including bonuses, with definition referenced to existing provisions. The amendment inserts a new clause in section 28 declaring that any sum received under a Keyman insurance policy, including sums allocated by way of bonus, shall be covered by the section; the term Keyman insurance policy is defined by reference to the meaning assigned in the existing clause governing such policies.
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.
Keyman insurance receipts now treated as taxable income by amendment, including bonuses, with definition referenced to existing provisions.
The amendment inserts a new clause in section 28 declaring that any sum received under a Keyman insurance policy, including sums allocated by way of bonus, shall be covered by the section; the term Keyman insurance policy is defined by reference to the meaning assigned in the existing clause governing such policies.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.