Alternative statutory remedy and unexplained delay barred writ review of customs confiscation adjudication, leaving merits for appellate consideration...
Authorised courier due diligence protects against penalties where declared exports conceal prohibited goods despite proper documentation and customs p...
Customs-controlled container movement now extends to DP World facilities, subject to segregation, inspections, reconciliation, and EXIM cargo priority...
Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First Schedule states that profits shall be the annual average surplus from actuarial valuation, excluding surplus from earlier periods. To prevent misuse and ensure disallowance of inadmissible expenses u/s 37, it is proposed to amend Rule 2 to add back such expenses to the profits of life insurance business. The amendment is effective from April 1, 2025, applying from assessment year 2025-2026 onwards.
Income Tax: Section 44 of the Income Tax Act provides for computing profits and gains of life insurance business based on the First Schedule. Rule 2 of the First Schedule states that profits shall be the annual average surplus from actuarial valuation, excluding surplus from earlier periods. To prevent misuse and ensure disallowance of inadmissible expenses u/s 37, it is proposed to amend Rule 2 to add back such expenses to the profits of life insurance business. The amendment is effective from April 1, 2025, applying from assessment year 2025-2026 onwards.
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