https://www.taxtmi.com/circulars?id=9320 Where a film artist on the cash system is remunerated by annuity policy, only the annuity instalments actually paid in a year are includible in that year's total income if the policy and agreement satisfy specified features (annual payment for a term, annuitant status, irrevocable assignment or power to collect, non-commutability and absence of surrender value, and non-assignability of annuity/interest). Absent those features, the amount paid by the producer to purchase the policy is includible in the year of purchase; cases must be examined against these conditions and the instruction applies to film artists only. en-us Tue, 26 Feb 1980 00:00:00 +0530 Fri, 03 Jun 2011 18:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9320 Where a film artist on the cash system is remunerated by annuity policy, only the annuity instalments actually paid in a year are includible in that year's total income if the policy and agreement satisfy specified features (annual payment for a term, annuitant status, irrevocable assignment or power to collect, non-commutability and absence of surrender value, and non-assignability of annuity/interest). Absent those features, the amount paid by the producer to purchase the policy is includible in the year of purchase; cases must be examined against these conditions and the instruction applies to film artists only. Circulars Income Tax Tue, 26 Feb 1980 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9320