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Some amount is withdrawn from policy in years 2009, 2014, due to which life cover is reduced to 1.8 Lakh rupees but 3 Lakh rupees as accident & disability cover still exists.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.

I am mutual fund and fixed deposite distributor pl suggest itr I have to file and final account formate for my income

Asssessee(Individua) is declaring income u/s 44AD since last many years. During AY-23-24 assessee had Loss from Futures and Options and the return was filed claiming that loss under ITR-3 and Total Income was below 2.5 Lacs. During AY-24-25 he is having profit from FO Trading for an amount of 32 Lacs.
Is Tax Audit required during this year?

If in the financial year 2022-23 we have carried forward TDS amount to be claimed in next financial year as the that turnover belongs to next financial year
So now at the time of filing ITR of F.Y. 2023-24 where to show such TDS to be brought forward in current financial year?

There was wrong TAN mentioned in challan,requested for correction to ITO TDS which was corrected & reflects in TRACES as unmatched but not reflectS in INCOMETAX PORTAL,please guide us what is remeady

Sir,

Is there any point in Depreciating Assets like Air Conditioner, Washing Machines etc. whilst preparing the Balance Sheet of an Individual who has now income from interest/dividend on FD, mutual funds etc?