Latest news with #Section10
&w=3840&q=100)
Business Standard
6 days ago
- Business
- Business Standard
13th-month persistency rate of life insurance companies sees a fall in Q1
Persistency is the proportion of life insurance business renewed from the business underwritten. The ratio is measured in terms of number of policies and premiums underwritten Mumbai Listen to This Article The 13th-month persistency rate of life insurers — an important metric indicating the retention of new policies — declined in the first quarter of 2025-26 (Q1FY26). This fall was primarily driven by a lower share of high-value policies, following taxation changes implemented in April 2023. In February 2023, the government decided to tax income from traditional insurance policies, other than unit-linked products (ULIPs), having premiums above ₹5 lakh in a year to plug the arbitrage. High-net-worth individuals (HNIs) were using this to get tax-free returns on their high-value insurance policies through Section 10(10D). Under Section 10 (10D), individuals can avail
&w=3840&q=100)
Business Standard
01-08-2025
- Business
- Business Standard
Drop in high-value ticket life policies drags 13th-month persistency ratio
The decline in the share of high-value policies is largely on account of taxation changes in this segment, which HNIs were earlier using to get tax-free returns premium Mumbai The 13th-month persistency of life insurers dropped in the first quarter of FY26 (Q1FY26), due to a decline in the share of high-value policies, largely on account of taxation changes in this segment implemented in April 2023. In February 2023, the government decided to tax income from traditional insurance policies, other than unit-linked products (ULIPs), having premium above Rs 5 lakh in a year to plug the arbitrage, which high-net-worth individuals (HNIs) were using to get tax-free returns on their high-value insurance policies through Section 10(10D). Leading private insurers HDFC Life saw its 13th-month persistency ratio dip
Time of India
14-07-2025
- Business
- Time of India
IT dept uncovers ₹500-cr tax refund fraud in Trichy, southern dist
Trichy: The income tax department has unearthed a ₹500-crore tax refund fraud involving fabricated income tax returns during investigations and search operations across Trichy and several other southern districts. In a statement on Monday, the department said raids were conducted across 19 districts, including Trichy, Pudukkottai, Salem, Madurai, Sivagangai, Theni, Virudhunagar, and Tirunelveli, exposing the large-scale scam. Preliminary findings revealed that several tax professionals and intermediaries across Tamil Nadu facilitated thousands of taxpayers in filing fraudulent refund claims. These claims were made by submitting fabricated details under various deduction provisions such as Section 80GGC (donations to political parties), Section 80D (medical insurance premiums), Section 80C (tuition fees), and Section 10(13A) (house rent allowance), among others. By falsely inflating deductions through these methods, taxpayers were enabled to claim illegitimate refunds, causing an estimated revenue loss of ₹500 crore to the government, the department said. Investigations also revealed that these agents had created dedicated email IDs specifically to file fraudulent returns on behalf of their clients. Thousands of returns were filed using these accounts, leading to the wrongful disbursal of crores of rupees in refunds. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Cách giao dịch ETH/USD mà không cần nắm giữ Ether IC Markets Tìm hiểu thêm Undo The operations were led by Michael Jerald, IRS, additional director of income tax (investigation), Madurai, supported by officers Sweedha, IRS (Trichy), Raveendran, IRS (Madurai), Venu Kumar (Tirunelveli), and Ramesh, ITO (Madurai). In light of the findings, the income tax department has urged all taxpayers who may have filed incorrect or fraudulent returns during the current or previous financial years to voluntarily come forward and submit revised or updated returns. This, the department said, would help restore trust and allow taxpayers to avoid penalties, prosecution, and other legal consequences.
West Australian
28-05-2025
- Business
- West Australian
‘See you in Court': Call on North West shelf draws disparate takes from green groups and industry backers
The oil and gas industry says the decision to keep Woodside Energy's LNG plant on the Burrup Peninsula until 2070 proves there is appreciation for gas as a transition fuel, while conservationists have blasted Labor's verdict as 'deeply disappointing'. Woodside welcomed the decision by the Federal Government and confirmed it had received the proposed conditions relating to cultural heritage and emissions management for the North West Shelf. The company said it was working through to 'understand their application'. 'This nationally significant infrastructure has supplied reliable and affordable energy to Western Australia for 40 years and will be able to continue its contribution to energy security,' Woodside executive Vice President Liz Westcott said. Australia's recently appointed Environment Minister Murray Watt on Wednesday granted Woodside permission to keep running Australia's largest liquefied natural gas processing plant for another 50 years. The oil and gas business now has 10 days to decide whether it accepts the conditions which have not yet been made public. Australian Energy Producers chief Samantha McCulloch said the approval was 'certainly welcome' and proof there had been 'a shift in understanding and appreciation' of gas 'at all levels of government'. Chamber of Commerce and Industry WA chief Peter Cock said the Federal Government's call was 'ultimately the right one' but argued six years was an unacceptable time for a project of such scale to be in limbo. 'The companies that back major projects like this need certainty. It is simply not rigorous or efficient to have State and Federal approvals for projects like this duplicated and running on different timelines,' he said. Supermajor Shell, which owns nearly 17 per cent of the North West Shelf, welcomed the verdict. 'The proposed approval provides much needed certainty for ongoing operations. . . We appreciate the decision being made within the committed timeframe.' Woodside first lodged approvals to extend the life of the operation in 2018 in a lengthy process complicated by several legal challenges, backlogged State approvals systems, the complexity and emissions of the project and Woodside pausing progress during the pandemic. Mardathoonera woman Raelene Cooper, who was previously chair of the Murujuga Aboriginal Corporation and is opposed to the extension, kept her response brief. 'See you in Court,' she said in a statement. A report released less than a week ago by Curtin University and WSP warned nearby Murujuga rock art believed to be thousands of years old had likely been impacted by historical emissions from the site, but claimed the gas plant's emissions could be kept to a level that would protect the art going forward. Ms Cooper has nonetheless been calling on Senator Watt to review a Section 10 Indigenous heritage application about the rock art before deciding on the Karratha plant's future. Conversation Council of WA executive director Matt Roberts said Labor had been elected with a mandate to take action on climate and that its decision to back the project was 'deeply disappointing'. 'They cannot keep approving polluting projects for the benefit of shareholders and pretend they are serious about taking action on climate and the environment,' he said. WA Greens Climate Change Spokesperson Sophie McNeill claimed Labor was ignoring 'traditional custodians, scientists, independent experts and the communities they were elected to represent'. WA's DomGas Alliance, which represents the interests of Alcoa of Australia, Coogee Chemicals and Wesfarmers Chemicals, said it wanted to see the benefit of the extension flow through to the State instead of offshore. 'Gas producers have a responsibility to earn and maintain a social licence to operate. Woodside must honour its obligations and ensure the benefits of WA's gas reserves stay in WA,' Alliance spokesperson Richard Harris said. Australian Workers Union national secretary Paul Farrow said Minister Watt's decision 'correctly prioritised' keeping well-paid union jobs in WA and securing a supply of gas to Western Australians while more renewables projects took shape. 'Today's decision to maintain a stable, operational project employing well over a thousand hydrocarbons workers in well-paid jobs is a victory for common sense and allows our members to continue their important work for years to come,' he said. Fortescue Metals chief executive Dino Otranto argued the idea Australia could lock in fossil fuel projects until 2070 while claiming progress towards net zero was concerning. 'The extension of the North West Shelf cements decades of continued fossil fuel dependence at a time when we should be accelerating towards real zero emissions,' he said. 'Extending high-emitting projects like the North West Shelf is not a credible long-term climate solution – it's a step backward.'
News.com.au
22-04-2025
- News.com.au
Sydney socialite Elisha Dalah saved Andrew O'Keefe during overdose
A Sydney socialite gave former TV host Andrew O'Keefe heroin, then raced to save his life when he overdosed, bombshell court documents have revealed. Elisha Dalah called triple-0 and performed CPR on the former Deal or No Deal host on September 14 at his Vaucluse home when he was suffering from a suspected heroin overdose, the documents said. The 38-year-old gave O'Keefe Narcan, an opioid reversal drug, before clearing the vomit from his nose and mouth, giving him mouth to mouth and then beginning chest compressions. When paramedics arrived, Dalah was still giving him CPR and was 'visibly distressed', police said O'Keefe was taken to St Vincent's Hospital where he was treated and later released, being told he was 'lucky to be alive'. When interviewed by police Dalah admitted she and O'Keefe had consumed cocaine and heroin earlier and that they had organised to buy heroin after being harassed by paparazzi, according to the documents. 'This is my fault,' she told police. O'Keefe was arrested two days after the overdose at his unit and was charged with possessing a prohibited drug. He pleaded guilty in October and was fined $1000. Police said in the documents Dalah made full admissions, and explained O'Keefe had provided the money for the drugs and had asked her to get them. Dalah said she mixed the drugs before the pair took them. Dalah, was charged with one count of supplying a small quantity of heroin, and pleaded guilty to the charge in February. The 38-year-old is the daughter of ex-Elizabeth Bay Marina co-owner Michael Dalah. She is the elder sibling of Fishbowl founder Nathan Dalah, and sister-in-law to his Victoria Secret model wife Georgia Fowler. She appeared at Downing Centre Local Court on Tuesday flanked by her parents as she narrowly avoided a prison sentence for the supply charge. Her solicitor Carla Velasquez asked Magistrate Rosheehan O'Meagher for a Section 10 application. Ms O'Meagher told the court a message needed to be sent to the community in terms of the seriousness of the offence. 'The maximum penalty for this offence in the district court is 15 years in prison … in the local court it is capped at two years,' she said. 'That shows you how serious an offence this is and it is treated as so because of the serious consequences of drug supply in terms of serious health implications … which I am sure you are aware of.' Ms O'Meagher convicted Ms Dalah of the charge, but said the socialite had already served her punishment after spending four and a half months in custody ahead of sentencing. She has also been attending a rehabilitation program which she continues to attend as an outpatient and will attend 'for as long as possible', the court was told. 'You've learnt some things … but looking at your record … we need you to get the message that if you keep offending you will end up in jail, and I don't think that's a life you want for yourself,' Ms O'Meagher said. Ms Dalah was convicted and will not receive any further penalty. The 38-year-old also avoided jail after being caught stealing luxury face creams and designer clothing from a Westfield shopping centre in July 2022. She was instead sentenced in 2023 to a 20-month intensive correction order and 200 hours of community service for two counts of larceny over the incident, and ordered to pay a $500 fine for entering Westfield Bondi Junction while banned.
