If a parent is the proposer and payer of a single-premium ULIP that insures the life of his adult child, the parent has effectively bought the ULIP on behalf of the child. I have the following queries:
A. Would the ULIP need to be reported on the parent's Schedule AL at the end of the tax year or would it be deemed a gift to the child? If the latter, is a gift deed required?
B. Are insurance companies required to report ULIPs on AIS/AS26? The question arises because ULIP is not a security like shares or mutual funds. If reported, would it be on the AIS of the parent's PAN, the child's PAN, or both?

I am about to buy property from NRI seller and have deducted TDS amount and deposited in advance but while filing form 27Q it was showing that i can file for latest Q3'24 instead of Q4'24 and the date i was filing form was 02 Feb 2025 . Now i have received notice Regular Statement filed is processed with defaults and / or PAN errors u/s 200A. Property registry is about to happen. Any help.

Dear Sir My 80g is Rejected recently. How to Fresh apply in Form 10AC

Is the case of Short Deduction of TDS appealable in any circumstances or is there any other way out to resolve the same?

whether input tax for the period FY 2019-20 can be claimed now as per recent notification? Earlier claimed but rejected as it was delayed for 2 months from actual due date for claiming ITC.
Plesae relove these doubts.

There is a case in which the deductor has revised the tds return before tds return has been processed and corrected the error. Now the deductor has received the notice to pay late fees along with additional late filing levy against processing of latest correction.

What could be the probable solution for the deductor party?

My brother and me own a residential flat in Maharashtra in our joint name. I want to withdraw my name from the flat so that my brother can sell the flat on his own and can take the entire consideration.

How can I remove my name with the minimal cost

Dear sir,

One of my client doing computer selling business. For him process is raising invoice in tally when they made sales, but in purchase there is some issues, they are up dealers, they get materials 100℅ but they have to repay to hP for 4installement. So invoice getting quarterly. In is tally facing issues in profit and loss account. Example sales is 100. Purchase is 40. Sales is 100 but purchase get invoice 10.profit is showing 90. But correct one is 60.

Please tell me how to maintain the correct profit and loss account in tally.

Regardcinod

Dear sir we have been purchased borewell pump set material for our borewell in our factory so can we take itc on these materials purchased?

RERA Registration is mandatory for Rural Areas

An agricultural land of 3-5 acres was converted into DC Converted plots for sale for residential purposes.

Is it required to get Registration under the RERA Act.