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REVISION IN SERVICE TAX

REVISION IN SERVICE TAX

Book Profit Under Section 115 JB

 

Type of PlanExisting rate **Revised RateApplicability
Heath and Term Plans12.36%14%Service tax will be applied on the premiums collected towards the base sum assured and the Rider sum assured under the policy
Traditional Endowment plans3.09%3.50%Applicable only on the first year total Premiums
Rider opted under Traditional Endowment plans12.36%14%Service tax will be applied on the premiums collected towards the Rider sum assured under the policy
Renewal premium under Traditional Endowment plans1.545%1.75%Rates applicable on the total renewal premium received
Renewal premium under Term plans12.36%14%Service tax will be applied on the renewal premiums collected
Unit Linked plans12.36%14%Fund Management Charges Premium Allocation Charges Surrender Charges# Mortality charges# Switch fees # Reinstatement fees # Rider premiums#

 

** rate including 2% Education cess and 1% Secondary and Higher education cess on service tax amount.

The Education cess and Secondary and Higher education are not applicable from 1st June 2015.

# The amount of service tax will be recovered by deducting the units available in the respective funds.

The revised service tax rate will be levied as mentioned above and is payable on or after 1 st June 2015.

REVISION IN SERVICE TAX

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At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time. We are happy to help you make successful in your exams.

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www.cakart.in.

Click Here to download FREE CA CS CMA Text Books.

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