I had taken a 15-year BIma Bachat Policy for Sum Assured: Rs. 1,00,000/- on 11/10/2008 and paid single Instalment Premium of Rs. 79,213.00 with date of Maturity: 11/10/2023.
On maturity I have been paid Rs. 1,04,713.00 by LIC in my account with TDS deduction of Rs. 4500/-. (Reflected in AIS as "Receipts from life insurance policy-Section 194DA"by LIC: Rs. 90,000).
Please help me with the following queries: and advise me on how to reflect this in ITR1 filing for Income Tax for AY24-25:
a. What is the INCOME for FY 23-24 on this account?
b. How much is taxable income and
c. is it "Other Income" or other head?
d. What to do with the TDS already deducted?
Thanks for your help and support.An early response will be highly appreciated.
Yours Sincerely,
Prof. (Dr.) M. Goswamy

DEAR SIR,

WHILE FILING ITR FOR THE ASS YEAR 2024-2025 WHEN OPTING OUT FROM NEW TAX REGIME TO OLD REGIME COMPULSORY FILE FORM 10IEA. NOW IF PREVIOUSLY FORM 10IEA NOT FILED INDIVIDUALS JUST DEFAULT THE NEW TAX REGIME AND FILE THE RETURNS. THOSE WHO HAVE NOT CHOOSED NEW TAX REGIME IN THE PREVIOUS YEARS FORM 10IEA NOT REQUIRED TO FILE JUST DEFAULT NEW REGIME FILE ITR

PLEASE CLARIFY ME

REGARDS

Dear Sir/Madam,
I am my wife in joint ownership have purchased a flat in Greater Noida, Uttar Pradesh and paid the total consideration( including 1% TDS ). Both of us paid half of total consideration individually to complete full consideration. So, now builder has asked to pay the stamp duty and registry fees.
Kindly resolve following queries.

Query (1) Whether the stamp duty can be paid by any one of us or will have to be paid up by both of us to SHCIL , Uttar Pradesh ?
Query (2) Whether the stamp duty can be paid by online NEFT mode ? I am preferring NEFT mode.
Query (3) Whether the Registry fees can be totally paid online as well ? Builder asked me to pay it 1% cash but I prefer online.

Pls advise.

if the person have income from salary +some income received as a professional fees(TDS also deducted) + Rs. 5000 short term capital gain + Rs. 19000 long term capital gain so in this case which ITR form to be filled please guide

If TDS is not deducted and we have not claimed the expense in our profit and loss accounts, what are the consequences of it? Further, we are filing our Income Tax Return under section 44AD for the current year. I am aware that a 30% disallowance is there, but since we are not claiming expenses, it does not matter. Are there any other consequences?

Dear Sir,

Please suggest Proprietor have 2types of Term Loan - Home Loan and Yearly Interest from Home Loan for FY 2023-24 Rs.800000/- So can we adjust Home Loan Interest with Proprietor,s Capital account. Or its mandatory to show under PNL account

Please suggest

Sir,

FY 2021-22 & FY 2022-23 I have filed ITR-1 income from Salary and Interest from FDR. FY 2023-24 i have income from Salary and Interest from FDR and some short term Capital Gain Rs.3024/- from Stocks ( Stocks through delivery ) and Mutual fund I have never done Intraday and never done f&N but by i have done One Single Transaction through Intraday. Purchase Price Rs.546/- Sale Rs.520/- Loss Rs.26/- only one Single Transaction During FY 2023-24. So can i go for ITR-2 Please suggest

If in any partnership firm if partner is retired with effect in admission cum retirement deed of July 2022 but such deed was not notorised and came in force so if now such firm notorises such deed is there any consequences?
Is there any time limit for such implications?

Sir,

Please reply

Sir/Madam

I have sale my house for Rs. 30 lacs and made following investment in May 24

> Invest in Open Plot in joint name of my son. total sales proceeds invested in this plot
> Balance amount of open plot -loan taken by my son from finance company.

Can i eligible deduction from capital gain arise from sale of my house rs.30 lacs

Please guide me.