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Structured settlement - Benefits, Legal aspects
A structured settlement is a financial or insurance arrangement, defined by Internal Revenue Code as periodic payments. Claimant accepts to resolve a personal injury tort claim or to compromise a statutory periodic payment obligation. Structured settlements were first utilized in Canada after a settlement for children affected by Thalidomide.Structured settlements are widely used in product liability or in...more...
LIC registration and online payment
What is LIC Policy? It’s a bond paper between Insurer (LIC) and Insured person (yourself). LIC policy cancellation within 15 days called "free look period". No money Deducts. How to find LIC policy number? It’s a 9 digits Number and can be found at the top left-hand corner of the lic policy paper. How re...more...
What is Goods and Services(GST) Tax Law?
The Goods and Services Tax has revolutionized the Indian taxation system. The GST Act was passed in the Lok Sabha on 29th March, 2017, and came into effect from 1st July, 2017. GST is destination based comprehensive tax struncture based on value addition and replaces several indirect tax laws. Components of GST are :- 1. CGST - This is collected by central government on intra-state sales (within Kerala). 2. SGST - This is collected by state gove...more...
Types of GST returns and due dates
There are several types of GST returns as detailed below with due date and frequency of filing:- 1. GSTR-1 : Details of outward supplies of taxable goods or services or both effected. This needs to be submitted monthly by 10th of next month. 2. GSTR-2 : Details of inward supplies of taxable goods or services or both claiming input tax credit. This needs to be submitted monthly after 10th of next month but before 15th of next month. 3. GSTR-3 : Monthly r...more...