Articles by FCS Deepak Pratap Singh
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Insurance Claim Rejected? Your Options & Remedies
Insurance claim rejected? Discover why and learn your options for appeal, grievance redressal, and seeking compensation. Get your claim approved.
Mere position of a person as a director does not automatically make them vicarious liable
The mere position of an individual as a director of a company does not automatically make them vicariously liable for the actions of the company or its employees.
ITC will be allowed when Immovable Property falls under Definition of Plan & Machinery: SC
To give a plain interpretation to clause (d) of Section 17(5), the word "plant" will have to be interpreted by taking recourse to the functionality test.
Risks involved while porting an Insurance Policy
As you are aware Insurance has become one of the most important necessities of our life, same as food, shelter, education etc. Insurance provides us indemnity from financial loss in case of happening of any accident or disease.
What is Co-Pay Insurance And How is it Beneficial For Senior Citizens?
The co-payment option in health insurance for senior citizens is a contractual arrangement in which the policyholder is responsible for paying a specified percentage of the medical costs upfront, while the insurance provider covers the rest.
Is trading in a Life Insurance Policy allowed?
"It is suggested that life insurance policies be treated as a capital asset falling within the definition of "property" under Section 2(14) of the Income Tax Act. Indexation benefit (for premiums paid) will take care of inflationary impact, resulting in parity with other capital assets," ICAI said in its Pre-Budget Memorandum, 2022.
Case Study: Lease Rent Payment (Fixed or Variables)
In the given case, payment of Rs 2 per bottle packed is variable is nature because the no. of bottle packed will vary.
Case Study: Change in Accounting Estimates And Errors Reporting
In the given case, the retrospective restatement has no effect on the information in the balance sheet at the beginning of the preceding period (i.e., 1st April 2021). Therefore, PQR Ltd. is not required to present a third balance sheet.
Case Study: Revenue Recognition
The entity ABC is a public limited company domiciled in India. The Government of India holds 52% in the paid-up equity capital of the company as of 31st March, 2023
Case Study: Short Term Leases
Entity X (lessee) enters into a lease with Entity Y (lessor) for two assets namely, Asset A and Asset B, with 10 months non-cancellable term with an option to extend the lease for 5 months. The lease does not have a purchase option.
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