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The tax treatment of insurance contracts

by Benjamin Weisgram
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Current price ₹5,027.00
Original price ₹5,488.00
Original price ₹5,488.00
Original price ₹5,488.00
(-8%)
₹5,027.00
Current price ₹5,027.00

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Book cover type: Paperback
  • ISBN13: 9786209832383
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Our Knowledge Publishing
  • Publisher Imprint: Our Knowledge Publishing
  • Publication Date:
  • Pages: 60
  • Original Price: USD 56.0
  • Language: English
  • Edition: N/A
  • Item Weight: 96 grams
  • BISAC Subject(s): Taxation

At a time when the number of private pension and life insurance policies being taken out is steadily rising and new payment and payout arrangements are constantly being offered, the legislator has also been compelled to respond in order to prevent unjustified tax loopholes. This paper explains the conditions under which the difference between the insurance premium paid and the insurance benefit received is subject to tax. Following a brief overview of legal developments leading up to the current scope of taxation, the second part describes the criteria for taxation and the basis for assessing the tax liability. Subsequently, the tax treatment of pension payments and surrender payments upon policy transfer is explained, which in practice can lead to considerable difficulties in distinguishing the relevant taxable items. Finally, the criteria under which foreign insurance products are also subject to tax are set out.

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