I have a money-back Insurance policy with AGEAS FEDERAL (formally known as IDBI FEDERAL).
I have paid premiums for 10 years, and now, from this year onwards, I will be getting around Rs. 2,85,000 per annum back for the next 5 years. This year I got Rs. 284705.18 credited in my bank account.

What is the taxability of this receipt?

Kindly advise

sir, i have filed a belated return(itr2) of client for ay 2024-25 on 14 dec2024 claiming there in income of 2 minor children (bank fd interest income)(return filed in mother's pan) and also claimed tds deducted under pan number of respective minor child as per form 16a of rs 17685 correctly. while processing this return they have issued refund of only one child's tds rs 8825 hence subsequently rectification request filed which was processed now with laibility of rs 8860 (17685 minus 8825 ) thus disallowing entire tds amt of rs 17685. reason given is Form 26AS does not contain amount
of TDS/TCS with respect to the
TAN mentioned in schedule TDS 1/. as such pl guide me how to rectify the case. thanks.

SIR, A DEFAULT NOTICE WAS RECEIVED FOR NOT DEDUCTING TDS AT 20% INSTEAD IF 1%. THE ASSESSEE APPLIED FOR CORRECTION OF DATE IN TRACES WHICH WAS APPROVED BY THE SELLER AND HAS GONE TO THE ASSESSING OFFICER WHO HAS ASKED FOR SOME DOCUMENTS . NOW THE SELLER HAS AGREED TO APY THE BALANCE DEMAND TDS ALONG WITH INTEREST AS PER NOTICE.
1. WHETHER IT CAN BE DONE? SINCE HE WAS UNABLE TO PAY THROUGH E-TAX SINCE BUYER'S PAN IS BLOCKED
2. WHETHER HE HAS TO APPLY FOR CANCELLATION OF CORRECTION REQUEST?
3. ONCE CANCELLATION IS DONE AND DEMAND PAID, WHAT HAPPENS TO THE NOTICE GIVEN NY THE ASSESSING OFFICER? WILL IT BE CLOSED OR NOT?
THANKS

Dear Experts
I faced a problem in the payment of TDS on rent in Form 26QC of my client. He pays rent on the property INR 90000/- per month and he vacated the property on 28th February 2025. TDS @5% was deducted & deposited for 6 months rent (i.e April-24 to Sep-24) & @2% was deducted & deposited for 5 months rent (i.e. Oct -24 to Feb-25) by submission of 2 No. Challan Cum Statement 26QC.
But TDS certificate 16C was generated @2% instead @5% deposited on total of rental amount INR 540000/- (Rent paid from Apr-24 to Sep -24) from the portal.
The date of Deduction & date of payment is 26th February 2025 mentioned in 2 No. From-26QC
1) Is the rate calculated @5% on 6 month rental amount if i mention TDS deduction & date of rent payment was 30th Sep -24 instead 26th Feb-25, I think i need to pay the interest & late filling fees from 1st Oct-24 to 26th Feb-25. OR
2) Challan INR 16200/-was showing unconsumed in the portal, can I make a refund request to my client bank account without any digital signature?

As per CBDT Order dated 27.06.2024 [issued in F.No. 173/03/2021-ITA-I(Pt.2)] The last date to make payment under Form 4 under DTVSV 2020 was 28.02.2022, One of my client opted for DTVSV 2020 but payment in case of my client was made on 19/03/2022, The status on IT Portal in my client's case was still showing "Awaiting Signed Form 5 from CIT", Therefore I e-mailed office of P-CIT to issue Form-5 and they replied that payment was made beyond the due date hence Form-4 is not found correct to be processed for issuance of Form-5 on the other hand my appeal was pending in ITAT of which Order has been passed u/s 250 of Income Tax Act,1961 The appeal is dismissed on the grounds that the appellant had opted for the Vivad se Vishwas Scheme, settling the tax dispute.
What are further consequences and their solutions?

is materials purchased in cash 50,00,000/- acceptable or not incurred, in one case consumable purchases are more than 50 lakhs towards consumable purchased shown in profit and loss account

if Rectification order passed by AO and if we already apply to ITAT Appeal against order of 250 of CIT(A) in reference to old assessment order under section 147, then we need to file form 36 separately for rectification order or not? if not then which order whether rectified or original order need to be attached in ITAT Appeal submission?

CIT Exemption has condoned the delay in filing audit report. What is the procedure to be followed next? Should the trust file a rectification petition u/s 154 . How to inform the cpc about the condonation of delay granted by CIT Exemptions.
I request the experts to kindly give their expert opinion on the procedure to be followed

IS COMMISSIONER HAVE POWER TO ISSUE REFUND IF APPEAL FILED AGAINST RECTIFICATION ORDER UNDER SECTION 154 VIDE RETURN REPORCESS OPTION? IF WE FORGOT TO CLAIM TDS FOR LAST YEAR?

Dear Sir / Madam,

I would like to understand taxation in simple terms in the case of the redevelopment of a building for its members. I have read a few articles but did not get clarity on taxation and its reporting in the ITR etc. My queries are as follows:

This building is a Pagdi building situated in Mumbai, where the tenants have come together for the redevelopment of the building through a developer. They will receive 450 sqft in exchange for their earlier 240 sqft. The building was constructed in 1945.

There are two types of tenants: A) Tenants who are not going for additional area other than what they are eligible for, i.e., 450 sqft. B) Tenants who are going for additional area beyond what they are eligible for, i.e., may go up to 600 sqft.

The development agreement is entered into on 14-02-2025. All tenants are opting for flat in exchange of their property.

My questions are as follows:

1) Is the tenant required to show this transaction in their ITR for AY 2025-26 as a sale of property to developer? If yes, what could be the cost price and sale value? Will there be any capital gain in both cases mentioned above?
2) Is the tenant required to obtain a valuation report as of 01-04-2001 and 14-02-2025?
3) If not shown in AY 2025-26, and the construction is completed after two years, say on 14-02-2027, is the tenant required to show this transaction in the ITR for AY 2027-28? What would the cost price and sale value be in this case?
4) Is the rent received from the developer for relocation to another place taxable?
5) Is any hardship allowance received taxable in the hands of the tenant?
6) Is GST payable by the tenant at any point during the entire redevelopment process?

I would be grateful if someone could clarify the above points and provide any additional considerations from a taxation and ITR reporting perspective.

Thanks & Regards,
Suraj