Answer Posted / neha
The ratio of the cost of claims to the corresponding
premiums, either gross or net of reinsurance. The claim
ratio could, for example, be:
* the ratio of the incurred claims cost to the written
premium for a given underwriting year
* the ratio of the estimated ultimate claims cost to the
estimated ultimate premium for a given underwriting year
* the ratio of the incurred claims cost to the earned
premium for a given accounting year or year of exposure; or
* the ratio of the estimated ultimate claims cost to the
earned premium for a given accounting year or year of exposure
In the latter two examples the numerator could also include
the estimated change in the cost of claims that occurred in
earlier years. Similarly, the denominator could include
changes in earned premium in respect of earlier years.
Claim ratios may relate to periods other than a year.
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Income Tax Department sends cheque for INR 2 Crore as Refund after completion of Assessment for A.Y.2011 - 2012 to a Company. As per IT Return filed for this year I.T. due to Government was INR 60 Lac but was assessed at INR 70 Lac. TDS due to Company was INR 3 Crore which was admitted as INR 2.7 Crore by Government. Government also adjusts Tax dues for A.Y. 2009 - 2010 of INR 40 Lac which was disputed earlier by the Company and Appeal was lying with the CIT. Government pays Interest to the Company amounting to INR 40 Lac. Provision for Income Tax made by the Company in its accounts for F.Y. 2010 - 2011 (A.Y. 2011 - 2012) was INR 50 Lac. What would be the Journal Entry at the time of receipt of Refund of INR 2 Crore from the Government in A.Y. 2014 - 2015 in the books of the Company?
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