Important Points for IC 26 - Life Insurance Finance Exam
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Ensuring economical tax administration is a canon of taxation.
With effect from 1.6.2002, employers have the option of paying tax on the non-monetary perquisite given to employees.
The four basic principles of taxation are : Equitable, certainty, convenience, economical
No deduction of Income Tax shall be made on any interest or dividend payable to the corporation in respect of any securities or shares owned by it or in which it has full beneficial interest.
Under section 80E, Swanand can claim a deduction for interest paid on loan taken for pursuing Higher Education. Loan can be taken by the tax payer for pursuing his own education or education of his spouse / child. The deduction is available for a maximum period of eight years or till the principal amount along with the interest is liquidated.
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