Important Points for IC 26 - Life Insurance Finance Exam
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The TDS certificate has to be furnished within a period of one month from the end of the relevant financial year.
If an employees has income from salary and tax has been deducted from salary as per the rules and no tax is payable by him / refundable to him, then he need not file an income tax return.
Life insurance companies are liable to pay service tax on commission (including other remuneration to agents), and it is called input service tax.
Service tax on life insurance services are called output services and are allowed to take credit against input services like service tax on payment to Insurance agents and service tax paid on other services like service tax on telephone, mobile bills.
A life insurance company should keep proper record of service tax payable on out front services and service tax paid on input services.
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