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An individual or HUF paying commission, brokerage, contractual fees or professional fees is required to deduct tax at source from the amount paid or to be paid.
Payment of premium is the consideration in the Contract of Insurance and hence without payment of consideration, any contract will not carry on. The premium must be received before the issue of the insurance policy.
The IBC Code, 2016 was introduced in Lok Sabha on 21st December 2015 and passed on 5th May 2016. The upper house of the Parliament passed it on 11th May 2016 and it got the President's assent on 28th May 2016.
In a soft market, buyers have more bargaining and negotiation power while in a hard market the negotiation power of buyers is less as they are not in a position to quote their terms and conditions.
DRT does not have power to impound the passport of an individual and impose restrictions on his travel abroad. Any restriction of travel abroad will be violative of Articles 21 and 14 of the Constitution of India.
Any interruption in business operations caused by fire or other special perils, resulting in a financial loss of various kinds is called consequential loss.
The transfer or assignment of policies of insurance is governed by the provisions of the Transfer of Property Act, 1882. The provisions of the Transfer of Property Act, 1882 apply to all types of insurance policies.
Employees Deposit Linked Insurance Scheme or EDLI is an insurance cover provided by the EPFO (Employees Provident Fund Organization) for private sector salaried employees.
Underwriting involves measuring the risk exposure and determining the premium that needs to be charged to insure that risk. Thus, in the underwriting process, insurers evaluate the risk and exposure of potential clients.
MCA has notified the Companies (Incorporation) Fifth Amendment Rules, 2021 by inserting Section 33A after Rule 33 of the Companies (Incorporation) Rules, 2014.
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