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.

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

Dear Sirs : If an assessee files his TDS returns after due dates THAN can assessing officer disallow the expenses on which TDS return is late filed ? Can you suggest the rectification to be done, if TDS has been deducted (u/s 194 Q) at the time of payment to suppliers which is 90 days from date of supply / tax invoice. Regards

A company has received invoice for 10000 usd for technical service provided by foreign company located in germany through online mode. Foreign company doesn't have PE in India.

Is tax needs to be deducted? If yes then at what rate ?

One of my client (Proprietor) is having manufacturing unit having turnover of 1.5 crores during F.Y. 2023-2024 and Business income is 5 lacs and the same is being audited under 44AD section. Also he has Commission Income of Rs. 25 lacs in addition to Income from manufacturing unit. Earlier the Commission was shown in Other income but from the current FY the same income is being assessed as Business Income as per Income tax.
GST number is same for Both the Business.

My query is that Whether I can do audit of manufacturing unit under section 44AD and Commission income to be shown in ITR as other Business income . Whether that Business income (Commission income) can be shown unaudited in the ITR as Second business Income.
Or Both the Business to be audited.
Pl guide.

Rental service of non residencial property,

the landlord is not registered under GST, and in coming years the threshold limit of 20 Lakhs will cross by few thousand rupees

No other business activity of the individual, as he is a aged and retired person

May the landlord aval benefits under composite levy scheme of GST?

Can he get relief of mandatory rgistration of GST after 20L, under the present update of 54th GST council meeting update, i.e commercial property rentals under RCM charge mandaroty?

Please reply

Sir/Madam plz guide
If Designated Partner of a LLP pays through his PERSONAL Credit Card an Invoice for office stationary and office supplies ( used fully in office of LLP)
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

Can ITC of this invoice be taken by LLP.

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

Can I claim last year ITC which is reversed temporarily in this year Nov-24 3B aif I have already filed 3B for sep?

Hi Sir,
Please let me know that how to record TDR transaction in Tally as well as effect of RCM / GST. suppose we are purchasing the same and utilizing the TDR in our site, then hoe to book TDR purchase & settlement of TDR transaction..?? please explain in details with tax effects.

IF TURNOVER OF LLP IS LESS THAN 1 CR SPECIFIED LIMIT THEN TAX AUDIT U/S 44AB IS LIABLE IF NET PROFIT IS LESS THAN 8% OR 6% AS THE CASE MAY BE?