Composite Rate of Tax options for life insurers: premium-net valuation, specified composite rates, or value-based taxation under service law. Life insurers may choose among three tax computation methods under Rule 6(7A): taxing gross premium less amounts allocated to investment or savings; applying specified composite rates depending on product and year of premium (with exclusion where the entire premium is for risk cover); or taxing the actual value of taxable services under the general valuation rule.
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.
Composite Rate of Tax options for life insurers: premium-net valuation, specified composite rates, or value-based taxation under service law.
Life insurers may choose among three tax computation methods under Rule 6(7A): taxing gross premium less amounts allocated to investment or savings; applying specified composite rates depending on product and year of premium (with exclusion where the entire premium is for risk cover); or taxing the actual value of taxable services under the general valuation rule.
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