Hello,
Had a query since ITR 2 was filed for LIC Agent Commission Income now, Department have issued defective return notice, but unable to revise the return or respond to defective return notice with new Form Type ITR 3.
Process of filing is getting stuck at last for validation in both cases u/s 139(5) & after selecting option respond to Notice u/s 139(9).
Even manual Utility is having issue at Point - whether you are Director of any co ? Green Field Macros is not opening to let me answer Yes or No. Despite macros have been runned properly, this field is still Grey & protected.
Can anyone help?

Client's Case :
My relative would like to send the following amounts directly to my bank account from abroad for the following two purposes :

1. An amount of Rs. 10-15 Lakh for the purpose of cost of education of my son.

2. Another amount of Rs. 10-15 Lakh further utilising which I shall purchase a residential house for myself.

Queries :
1.What will be the income tax implications of the above receipts in the hands of the recipient who is a resident and ordinarily resident individual in India having no other source of income at present ?

2. Will the implications be any different if the amounts are smaller, say Rs. 5 Lakh in each of the above cases ?

3. Will there be any implication of FEMA provisions on the recipient for receipt of above amounts from abroad directly into his bank account ?

Thank you and best regards.

Dear All

Please note we are providing travel allowance per day - for foreign travel based on grade of employees, in USD. Based on categories of employees, amount of USD varies from 5- to 100 USD per day. This payment is done to their bank account, and this is done as per HR policy. We account this expense as Travel Expenses. Can you please suggest whether we have to deduct TDS for the same?

I have engaged in a private company; Company has Mediclaim policy with United India Insurance. As per the company policy employee can top up the limit of mediclaim under the same policy .

For Example Company paid for medical insurance Rs-4000/- for covering medical insurance of 4Lcs for individual employee, in the same policy the insurance company provide an option to top upto Rs-6 Lacs for which Employee has to pay Rs- 1000/- which will be deducted from the salary of the respective employee. Although the single policy is in the name of company but the insurance company provide separate Mediclaim card for availing the medical benefit for every individual.

In this regard my question whether the respective employee can claim [partial portion] u/s 80D and which documents or proof is required to be produce for claiming the deduction?

1) Policy Single in the name of the company
2) Entire payment initially made by the company and enhance amount will be adjusted in the subsequent period by adjustment of salary.

Invested in Single Premium ULIP policy in 2005 Rs.1 lakh with coverage of same amount. Current Value is around 18 lakhs. What are the tax implications on partial or full withdrawal. If the withdrawn amount is taxed, it will be taxed under which head. Is there an opportunity to set off Short/Long Term Capital Loss or Business Loss against such withdrawals

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.

Hi all,
I will a sample format for making corrections in 3 fields
1. Date of payment credit
2. Date of tax deductions
3. Total amount paid in previous installment
Can someone please provide a thought draft for making indemnity bond?
I am not getting any idea how it should be written.

If partners bring Land as capital contribution in partnership firm then what would be effect of such transaction ?
Whether capital gain would be applicable?
What is the stamp duty liability of any?

I bought 5000 shares of Sharon Bio-Medicine in 2016 with CoA of Rs 60250. On 31-Oct-20 all 5000 shares were made 0 by way of 'To Capital Reduction' and 500 new shares under new ISIN was allotted by way of 'By Capital Reduction'. This was done under the order of NCLT
Mumbai branch on 2Apr2019 under the insolvency and Bankruptcy Code 2013.
These 500 shares were awaiting trading approval which never came. Again on 22-Jun-24, the 500 shares were taken away further by way of Capital Reduction. It seems the Cos. went for Corporate Insolvency Resolution process as approved by NCLT Mumbai bench on May-2023. The result - all shares were lost due to capital reduction.
Can I claim Long Term Capital Loss for the acquisition cost of Rs 60250 with zero sale value?

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.