Single Insurance Premium of Rs. 3 lacs has been paid for LIC Jeevan Shanti policy. On maturity i.e. after 15 years, insurer shall get Rs.2000 per month for life time. The sum assured is not mentioned in the policy. Its mentioned that Rs.2000 per month shall be given from 16th year onwards. Deduction upto 10% of sum assured of LIC policy is allowed for premium under LIC policy u/s 80 C. But, in this case, what shall be the deduction amount u/s 80 C when sum assured is not mentioned & single premium of Rs.3 lacs is paid & after 15 years, from 16th year onwards Rs.2000 per month will be received for life.

IF ANY PARTNER CHANGE IN ANY PARTNERSHIP FIRM THEN MSME REGISTRATION ALSO SHOULD BE CHANGE.

If there is a penalty u/s 271AAC(1) then can we request AO to kept in abeyance the penalty till disposal of appeal ?

If a Foreign Subsidiary Company takes External Commercial Borrowings (ECBs) from its Holding Company at a lower interest rate compared to the prevailing industry rate. In this scenario:
1. Is this considered a compound financial instrument, requiring accounting treatment as per Ind AS 109?
2. If so, what benchmark rate should be used for valuation, especially when a comparable rate is unavailable?
Further clarification:
a) The company has prepared its financial statements in accordance with Ind AS for the first time (First-time Adoption of IND AS).
b) The company has been in a loss-making position for the last 10-11 years. Therefore, the company is not in a position or eligible to take any borrowings from banks, financial institutions, or other non-related parties. So, what comparable rate should be used if Ind AS 109 is to be applied?

If any professionals or individuals have expertise or experience in handling this particular situation, please provide insights in the comments section below.

Event though we had considered high value transactions while filing the return, still we are getting msg regarding its reporting as per new everification scheme 2021. Is it correct to ignore it if we already shown it?

Sir
in 2012 my friend established a partnership firm as authorised signatory, under VAT registration made FD as surety in Bank of India, after 5 years they shut the business in 2018
but in form 26As of my friend shows Fd since 2017-18 bank also confirm FD but my friend do not have account their do not have any document related Fd
how to get refund(if he opened saving account in same branch possible to transfer FD on his name)
please advise appropriate way to resolve issue

I've filed my original return for AY23-24 in the month of July.. have filed larger HRA value by error and got a refund. Now i'm trying to submit an updated return with correcting the HRA value to right value. I'm getting an error while trying to upload the JSON "Caught error description as null". I'm trying to use the desktop utility but i couldn't input the refund that i got during the original filing in Part B ATI. I'm hoping to fix the errors from the previous filing and submit the updated returns asap. I paid the difference amount along with interest already.. but i couldn't add the previous year refund and submit the form.

As our company made loss in financial year 2022-23 Rs. 2.29 crores but in financial years 2020-21 and 2021-22, company made a net profit of Rs. 7.90 crores and Rs. 9.73 crores respectively. During the previous financial year, we contributed for csr activities. Now in the current financial year, do we need to incur any amount under csr activities as per present companies act as we made average profit of more than rs. 5 crores in three previous financial years and also two times out of the last three previous financial years. pl clarify me.

SIR
MR A FILED IT RETURN FOR THE ASST-YEAR 2023 -24 IN JULY 24.ASST-YEAR 2021-22, AND 2022-23 HE FILED NEW REGIME. THE ASST YEAR 2023-24 FILING TIME HE WRONGLY SELECTED FOR WITHDRAW. SO HE FILED FOR OLD REGIME. MY QUERIES IS HE FILED REVISED RETURN NEW REGIME ?

THANKS

To
The experts
Two companies say A Ltd (transferor Company) merged with B Ltd(transferee Company).
Both are registered under under employees provident fund act .

What will be the procedure under epf act to transfer all the employees of A Ltd to employees of B Ltd.
Kindly advice.
Regards
Abhijit