TaxTMI Updates e-Newsletter
Mar 20,2012

Summary: Amendments narrow section 10 exemptions by limiting tax-free receipts under life insurance for policies issued after the operative date via a reduced premium-to-sum-assured threshold with a conforming Explanation; add a retrospective proviso to include certain trust income when specified clause (15) conditions become applicable; substitute a SEBI-based definition for "venture capital undertaking"; and create a conditional exemption for foreign companies receiving Indian-currency payments for crude sales to India, subject to government agreement, notification and limitation on other activities in India.