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V. P. Vidwans

Sir/madam,
I had purchased a life insurance policy under the Unit Linked Insurance Plan. It was 10-years plan, involving 10 annual premiums of Rs. 120,000/- each. The sum assured was Rs. 840,000/-. The Policy was purchased in January 2014 & matured in January 2024. I paid all the 10 instalments regularly (totaling to Rs. 12.00 Lakhs).
On its maturity in January 2024, I received a cheque of Rs. 18,73,876/- from the Insurance Company, after deducting TDS of Rs. 35,467/- u/s 194DA. (Gross maturity amount Rs. 19,09,343/-; Gain of Rs. 709,344/-). The said amounts of Rs. 709,344/- and Rs. 35467/- are appearing in my Form 26AS. My Return is filed under the Old regime of income Tax & my taxable income is more than the minimum threshold amount required for taxation, even without considering the said gain of Rs. 709,344/-.

Please advise:
1) what would be the taxable amount out of the gain of Rs. 709,344/- &
2) whether I can claim the exemption u/s 10 (10D) despite the fact that the annual premium payable was more than 10% of the Policy amount.

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Allauddin Patel
19 September 2024 at 18:32

Old Ginning machinery purchase

Dear sir, my question is we purchased old ginning machinery from unregistered person and issued urd purchase bill... After few days we sold this machinery in bill to registered tax payer on 18% gst.....
Is this correct? Kindly clarify

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Huda Ansari
19 September 2024 at 18:07

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PARDEEP KAPIL
19 September 2024 at 17:59

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Neha
18 September 2024 at 15:56

ITC availability in case of LLP

Sir/Madam plz guide
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The Invoice is raised in Name of the LLP having LLP’s GST number on it.
Details of this invoice appears in Form 2A of LLP

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If payment on invoice is made by Partners
PERSONAL credit card and NOT from LLP’s Bank Account.

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18 September 2024 at 12:59

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18 September 2024 at 10:53

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If I'm selling handmade keychain made from different raw materials and handwork, how to add hsn code. Is it only for the finished product that is keychain regardless of the materials.

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