I have ICICI PRU life time ULIP taken in year 2005 (with 2078 as policy end year), with 50,000 rupees as yearly premium and 5 Lakh rupees as life cover and 3 Lakh rupees as accident & disability cover.
Some amount is withdrawn from policy in years 2009, 2014, due to which life cover is reduced to 1.8 Lakh rupees but 3 Lakh rupees as accident & disability cover still exists.

Can I consider the total sum assured as 8 Lakh rupees before withdrawals and as 4.8 lakh rupees after withdrawals.?

What are the taxes to be paid if I surrender the policy now and get the current fund value.?
Does it qualify for section 10-10 (D), where in, Tax need not be paid.?

As per my understanding, Section 10-10 (D) qualification rule for the ULIP issued on or after 1st
April 2003 but on or before 31st March 2012 is: The premium payable should not exceed 20% of the actual capital sum assured, for any of the years (during the term of the policy).

Is this rule met.? Let me know if I am missing anything. Thanks.

Sir/Madam

Withdrawing my superannuation money from LIC
My Date of Birth 03/11/1965/59 Year
I have been working with this employer since 2011 (13 years+)
Given to understand that LIC Superannuation withdrawals are exempted from tax subject to the employee served the employer for more than 5 continuous years. I want to know under which Section of Income Tax Rules this tax is exempted to inform the LIC Superannuation Team to not to deduct tax TDS and inform my employer to not to deduct tax at my current slab rate which is 30%. Please help me to avail eligible tax exemption on this LIC Super annuation.

If the sundry creditors (old carried forward from previous years in AUDIT REPORT) are added back to income during the survey and offered to income under PGBP and IFOS for AY 2018-19 (the year of the survey). What will be the section of inclusion will it be under 41(1) or 68/69 of income tax.

Deemed Dividend u/s 2(22)(e) covers
Payment of any sum (whether representing a part of the assets of the company or otherwise) by way of advance or
loan to a shareholder (and payment to concerns in which such share holder holds substantial interest);
My question is whether the above clause will be applicable if Pvt Ltd Company advances or gives loan to LLP and in both concerns directors held more than 10% shares and voting power ?

Can anyone calculate income Tax from following details :
I. Monthly Components Amount (INR)
1. Basic Salary: 64,900
2. House Rent Allowance (50%): 32,450 ( rent paid 22,000 pm , city: pune)
3. Company contribution to E.P.F./Special Pay I: 7,788
4. Superannuation fund/Special Pay II (15%): 9,735
5. National Pension Scheme/Special Pay III (10%): 6,490
6. Leave Travel Assistance (10%): 8.490
7. Statutory Bonus/Ex-Gratia (20%): 12,980
8. Miscellaneous Allowance: 21,571
Total to be paid monthly (M)= 1,62,404
Total for the year [M12] [A] : 19,48,848

II.Variable Components
1. Annual Performance Bonus [APB] Per Month [M]: 18,333
Total APB 10.0% of Annual Gross Salary [B]: 2,19,996

III.Annual Component
1. Provision for your gratuity[C] (4.0%): 31,152
Annual Gross Salary [A+B+C] =21,99,996

IV. Major Benefits [Average cost per person p.a.)
Insurance and Food" [D] =41,000

Cost To Company (CTC) (A+B+C+D) =22,40,996

I have mistakenly added a challan twice in traces. Because of this I have received demand from the department. Can anyone help in rectifying this

Hi Everyone,

TDS is deducted under section 194O by the E Commerce operator. This income was against an international project . Hence it is shown as export of service in GST without payment of tax. Is that ok? Does reporting under section 194 O means it should be shown as Indian Income and charge GST?

Thanks in advance

Need help in demand received to pay additional 19% on the purchase property. Aadhaar pan of seller was not linked. But now linked. Seller is not cooperating to pay the notice. Also, not agreeing if I will pay the amount and he will give me back next year via itr regular filing. Can we connect. Need help in resolving this. Here is my number 9999773877. Please ping me or share your number.

Hello, how is goodwill taxed while selling a business and how can I save tax on that

I have recieved short deduction notice due to inoperative pan of seller.(notice on 28 july, deal on 26 th july 2024)
I have paid only 10 percent of deal value ( approx 20 lacs) to buyer rest is to be paid by bank loan(which currently i have put on hold)
Short deduction is around 40 lacs.
Can I cancel this form 26 qb and ask the buyer to link his adhar and pan card
And file for new challan

My query is what happens to
1)my short deduction notice
2)What are the requirements to cancel challan.Will they ask for cancelled sale agreement deed
3)Is it the way out or i have to ask bank to pay tds from this amount and if i cut 40 lacs how many days can buyer get refund.
4) can i appeal to income tax officer after buyer links adhar pan card to revise short deduction notice
Thanks and regards