Dear Experts,

ABC Pvt. Ltd. (Company) has setup Gratuity Trust in FY 2016-17 and started gratuity investment with LIC. At that time, LIC informed to Company that they just need to intimate Income Tax department and don’t need any other approval.

Company has further started another manufacturing plant Gratuity Trust investment with another private Company.

So, in current situation, Company has Gratuity Trust Deed & PAN, but don’t have any approval of Income Tax Department. They just have intimated to Income tax department in FY 2016-17

Now in FY 2024-25, Company wants to switch to other Company by way of withdrawing funds from LIC, because of higher interest rate and other benefits.

Now for withdrawal of fund from LIC, LIC is asking for permission of income tax department. My questions are:

1. What is the process to obtain permission from the Income Tax Department for withdrawing funds from LIC?
2. What will be tax implication on withdrawal of funds from LIC?
3. Since the company only intimated the Income Tax Department in FY 2016-17 and did not obtain approval, does the existing Gratuity Trust qualify as an "Approved Gratuity Trust" under the Income Tax Act, 1961?
4. Are there any potential penalties, interest, or disallowances under the Income Tax Act due to the lack of prior approval for the gratuity trust investment?
5. Will the withdrawal and transfer of gratuity funds impact the tax treatment of past gratuity contributions made by the company?

Your guidance needed.

Regards,
Sandip

Dear Experts,

For FY 24-25 , rebate on short term capital gain is allowed if net total income is below Rs 5L under old regime. However is the same available under new regime if net total income is below Rs 7L. Last year the same was controversial , but is there any clarification for FY 24-25 for new regime?

Also in Budget 2025 , is it removed for both - old and new scheme?

Please advice

Regards,

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Hello everyone,

AO passed order u/s 143(3) and raised demand of 5 lacs incl interest for AY 2013-14 and AY 2014-15.

Ay 2013-14 demand was adjusted against refund due and AY 2014-15 demand was collected by attaching the bank account.

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Do client need to pay the tax as per scheme and claim amt already paid/recovered by income tax as refund ???

Dear Sir
Priva te company directors are eligible for diviedend . If eligible what will be the tax for the dividend .
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A. 2.5L
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C. 4L

Hi,

I am planning to sell my apartment in April'25. If sale deed execution and registration is done by 10th April 2025, for example, should I declare it in ITR for FY 2025-2026? or will it be in FY 2024-2025?

Dear Experts,

Property purchased in 2006 by assessee is now trfd as gift to his 2 sons. Will this gift result in capital gains if trfd to 2 sons without consideration?

Also when the son sells the property within 1 year , then the same will be treated as short term or long term?

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Dear Sir
Our case is 2 buyers and 2 Sellers (both sides husband and wife with 50:50 share). Property value is 1.85 cr as per agreement.
While filling form 26QB, please confirm:-

1. Each Buyer will fill 2 forms 26QB in name of each seller...is it correct ?

2. If point no. 1 is correct, then while filling 2 forms 26QB by each buyer - what value should be mentioned in Total Sale Consideration column...is it 46.25 lac in each form considering total 4 forms to be filled (each buyer filling 2 forms in name of each seller) ? Or in all 4 forms, the Total Sale Consideration value needs to be filled as 1.85 cr ?