If you decide to use life insurance as a household product, you should be sure to meet its basic conditions. Otherwise, you may lose a thousand crowns if you decide to cancel the life insurance.
Life insurance is one of the pillars of the building dispute on st. In an ordinary case, it pays off for the taxpayer and in the 60s he reaps the fruits of his efforts.
On the other hand, in the event of the termination of two, no statutes of the law on income taxes, the taxpayer will give a hangover in the form included in the income of all two claims.
For some taxpayers, it can be a hundred or more thousand crowns, which dramatically affects the taxpayer’s obligations. Let’s see when such a fee is involved and how the obligations of the tax authorities are.
From the point of view of life, life insurance is a very popular product. From the client’s point of view, this is a relatively complicated and variable product, which is to some extent confusing.
It is logical that when meeting with an agent and an employee of the insurance company, potential clients will first receive praise information and it will remain unspoken to me. Among these are five facts concerning the possible premature termination of the contract and its impact on the taxpayer’s wallet (although it is not required when signing the contract, but even more surprising is the impact of premature termination).
Apply the deduction, if you do not comply with the conditions, repay the tax
When creating tax support, the supervisor made a clear effort to favor those who, through life insurance, create a financial reserve on st. On the other hand, he wants a back tax dispute from those who did not comply with the conditions and the formed reserve in the form of life insurance began to draw two not in the middle. How does a life insurance benefit at all?
The fee is paid from the basis of the tax and the insurance premium paid for your private life insurance in one tax period up to a maximum of 12,000 K. . The 12,000 K condition for the taxpayer for the tax period applies even if the taxpayer concludes several contracts of this type. It is now possible to proceed to what happens when the fee does not comply with these conditions.
how to know different products
In the event of a non-compliance, two rebates must be included in the income in paragraph 10
Let’s imagine a natural person doing business as a self-employed person (45 years old), who five years ago concluded a life insurance meeting meeting the conditions of the income tax law, and during these years she reduced the tax base by 50,000 crowns. Now it has gotten into the financial situation and after all its alternatives, this gentleman is forced to fall into reserves. With regard to the unfavorable property situation, he must terminate this life insurance. How will it proceed?
In section 15 of the Income Tax Act, it is necessary that the case is terminated. tax. In our case, the income in paragraph 10 is 50,000 crowns. Salary for tax returns related to the year in which the insurance expired.
This tax restriction will, of course, have an impact on the fees that the insurance company has actively carried out (on the basis of the first act). This does not apply, for example, to a situation where the land tax (non-compliance with the conditions – eg at the age of 60) and the survivor is paid a sale.
In such a case, the tax disputes applied by the fee from previous years will not be returned and will not be passed on to the inheritance in the sense of increased income. That would be cruel and pointless punishment.
In addition to the obligation to increase the income with changes of 50,000 crowns, the fee must be prepared for a generally known fact, which is a taxable tax of 25%. The Serbian tax is not mentioned anywhere in the tax return and the tax authorities pay it to the insurance company. Actually, I accept the Serbian tax from the insurance company so it does not enter anywhere.
At the age of 45, our natural person had access to the means of life insurance. On the other hand, he saw for the evening the benefits that the legislation of dv.
how will the amendment end?
When you opt for P with tax, then you should comply with the conditions
From the information given, I would like to make a few recommendations. It should be concluded that those who with a high degree of probability will survive and meet the set conditions (at least 5 years and especially 60 years).
If they do something about it, then life insurance, in my opinion, loses its charm. Especially if the nature of the pension insurance.
The main thing is that, unlike other reserve-forming products, they have high costs. In the absence of tax benefits, it can easily become a very unsuitable product.
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