If LIC agen earns small commission, show the gross commission in PL as gross amount received and dont show any expenses and the profit will be the same commission amount. In the Balance Sheet show the TDS amount Other Current Assets and same amount under Capital Account.
One of my clent who is an NRI took Unit Plus 2 Single premium policy of SBI Life. The sum assured is Rs. 12,50,000 and the period of Policy was 10 years with a single premium of Rs. 10,00,000. The policy was started in 2006. He has received a sum of Rs. 35,00,000 in May 2016 on maturity on which 30.9% of Tax has been deducted u/s 195. Now he wants the return to be filed. How should the income be brought to tax and file the return for AY 2017-18?? Please advice
I have purchaed LIC policy in Feb 2001 with aanual premuim of Rs.1700. in April 2016 I have received Rs.41000 aginst the said poilcy as maturity amount. How should I show this in IT return? Will it be taxable? I am salaried employeee having below taxable income. Do i need to show this transaction in IT return?
TCS is applicable only on manufactured sraps
Querist has clearly stated agricultural land situated in Rural Area we need not look further whether they are in 8 kms limit from municipality since such criteria applies only for agricultural land situated in urban area
This problem will be solved when all the dsc i.e of Designated Partners, bank personal and certifying professional is affixed at the same time without closing the form. If the form is saved and opened again for signing then the problem arise. So sign all the dsc box at one time without closing.
You can take valuation report of the house for the year 1981 from the registered valuer and take that value as a purchase price of the house.
If a LIC agent earning commission more than Rs 2 lacs then it's ok but if a lic agent earning commission of rs 30000/= then a little bit problem to prepare pl and bs for ay 2017-2018.
Dear Sanchit ji,
As far as GST Enrollment is considered, all exisiting assessees are required to get enrolled irrespective of their turnover limits. Existing assessee means those who are alredy registered under existing acts(VAT, Excise, Service Tax, etc)
Registration will be done after GST comes into act. For those "enrolled" assessees whose turnover limit is less than 20 lacs...they will not be required to register (unless they opt so voluntarily).
As a conclusion, irrespective of the turnover limits, "enrollment" is cumpolsory for "existing" assessee. Enrollment does not itself means regsitration.
AOP( RELIGI TRUST CAPITAL GAINS AMOUNT INVESTED IN RURAL ELECTRFICATION CORPORATION LIMITED BONDS DEDUCATION U/S 11(1A) 0R ?