Important Points for IC 26 - Life Insurance Finance Exam
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According to the provisions of Section 44AB of the Income-tax Act, 1961, which are applicable to all Life Insurance Companies, tax audit is applicable where the total sales turnover for an accounting year exceeds Rs.60 lakhs. However for financial year 2012-13, limit is Rs.1 Crore.
Money laundering is the act of changing the appearance of money that comes from illegitimate sources so that it appears to be legitimate money.
Money laundering is the act of changing the appearance of money that comes from illegitimate sources so that it appears to be legitimate money.
The progress of money laundering can broadly be classified into three stages viz. placement, layering and integration.
KYC process is meant to weed the bad customers out and to protect the good ones.
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