IRDA license not required for selling in India medical/accident insurance policies of foreign insurer which is operative and enforceable only outside India

Insurance : IRDA license not required for selling in India medical/accident insurance policies of foreign insurer which is operative and enforceable only outside India

• There is no indication of the intention of the legislature to give extra-territorial operation to the Insurance laws of India. The Indian laws do not apply to insurance business outside India.

• The business of Foreign Insurance Companies of covering risks incurred outside India, cannot be said to be insurance business in India (within the meaning of Insurance Act), even if the premium for such insurance is paid in/from India and Insurance Policy is issued in India.

• The essence of the business/contract of insurance is the coverage of risk and if the policies issued by the foreign insurer do not cover the risk as long as the insured remains in India, mere issuance thereof cannot be said to be carrying on insurance business in India. There cannot be said to be an insurance business only in effecting a contract which is contingent and is to be operative and enforceable not in India and only outside India.

• Without the contract being operative and enforceable in India, mere ministerial act of issuance of the contract in India cannot be said to be amounting to carrying on insurance business in India. - [2012] 21 taxmann.com 189 (Delhi)

10 things to do before 31 March

1. If you are claiming deduction for house rent allowance on account of actual rent paid, collect the rent receipts from the owner and keep them in your possession.

2. If you received any gifts during the year, please collect the gift deeds. The deeds should clearly state that you received the gift without any consideration

3. In case you have changed employment during the financial year, you have to go back to your previous employer and collect the Form 16.

4. If you have donated to charitable trusts, obtain a receipt and also a certificate saying the trust is an approved one under Section 80G of the Income Tax Act, 1961.

5. Collect all your bank statements and TDS certificates, if any. This will help you calculate your earnings from bank interest and deposit advance tax if required

6. If you have a running home loan, you must collect the certificate of repayment of principal amount and the interest paid during the financial year from the bank

7. If you are claiming an interest-paid deduction on an educational loan, get a certificate of repayment made in the financial year where the interest is stated separately.

8. Keep all receipts for contributions made to schemes listed under Section 80C, such as insurance payment, PPF, ELSS, and children's tuition fees.

9. In case you are claiming a deduction for any medical disability under Section 80U, do not forget to collect a certificate of disability from an authorised doctor

10. If you are claiming deduction for payment of health insurance premium, you need to keep the premium receipt indicating that the premium was paid in cheque.

Income Tax Return Forms (A.Y. 2010-11)

Download the Income Tax Return forms and blank acknowledgement for the assessment year 2010-2011 (Financial Year 2009-10)

Note:
The forms below are in pdf format. To see those forms, you will need to have pdf reader installed in your system. You can download the Adobe Pdf Reader from here.

SARAL - II (ITR-1)     Instructions	For Individuals having Income from Salary / Pension / Income from One House Property (excluding loss brought forward from previous years) / Income from Other Sources (Excluding Winning from Lottery and Income from Race Horses.
ITR 2  Instructions	For Individuals and HUFs not having Income from Business or Profession
ITR 3  Instructions	For Individuals/HUFs being partners in firms and not carrying out business or profession under any proprietorship
ITR 4 Instructions	For individuals & HUFs having income from a proprietary business or profession
ITR 5 Instructions	For firms, AOPs and BOIs
ITR 6 Instructions	For Companies other than companies claiming exemption under section 11
ITR 7 Instructions	For persons including companies required to furnish return under section 139(4A) or section 139(4B) or section 139(4C) or section 139(4D)
ITR V  Instructions	Where the data of the Return of Income in Forms Saral-II (ITR-1), ITR-2, ITR-3, ITR-4, ITR-5 & ITR-6 transmitted electronically without digital signature.
Acknowledge -ment	Acknowledgement for e-Return and non e-Return

Note: The author of this blog does not take any responsibility whatsoever regarding correctness or otherwise of these forms and their contents.