Dear Experts,

ABC Pvt. Ltd. (Company) has setup Gratuity Trust in FY 2016-17 and started gratuity investment with LIC. At that time, LIC informed to Company that they just need to intimate Income Tax department and don’t need any other approval.

Company has further started another manufacturing plant Gratuity Trust investment with another private Company.

So, in current situation, Company has Gratuity Trust Deed & PAN, but don’t have any approval of Income Tax Department. They just have intimated to Income tax department in FY 2016-17

Now in FY 2024-25, Company wants to switch to other Company by way of withdrawing funds from LIC, because of higher interest rate and other benefits.

Now for withdrawal of fund from LIC, LIC is asking for permission of income tax department. My questions are:

1. What is the process to obtain permission from the Income Tax Department for withdrawing funds from LIC?
2. What will be tax implication on withdrawal of funds from LIC?
3. Since the company only intimated the Income Tax Department in FY 2016-17 and did not obtain approval, does the existing Gratuity Trust qualify as an "Approved Gratuity Trust" under the Income Tax Act, 1961?
4. Are there any potential penalties, interest, or disallowances under the Income Tax Act due to the lack of prior approval for the gratuity trust investment?
5. Will the withdrawal and transfer of gratuity funds impact the tax treatment of past gratuity contributions made by the company?

Your guidance needed.

Regards,
Sandip

Sir.
One of partnership from take LiC for this partner(husband & wife).They make payment through firm account. Input reflect in 2B. Can get calim in 3B.
Please advise
Binu

Hi, advance thank you for your reply

while filing S128A waiver scheme , even after attaching the document

1. Self-certified copy of the order - it again asks for- Annexure document upload is required.

how to solve this issue?

I paid RCM on Rent on Commercial Building. Building owner unregister person, and I claim ITC on same month. But i received a Notice mismatch GSTR- 3B and GSTR- 2A. How can pay RCM without received GST Notice.
Please help me asap

Dear Sir/Madam,

I am writing to seek your guidance on uploading a revised Annexure J1 for the financial years 2013-14 and 2014-15. One of our customers is not receiving the input of VAT as it was mistakenly booked as a sale to an unregistered party.

We have corrected the mistake and now need to file a revised Annexure J1 to reflect the correct information. Could you please provide us with the following guidance:

1. Procedure for uploading the revised Annexure J1
2. Required documents and information to be submitted along with the revised Annexure J1

Dear Experts,

For FY 24-25 , rebate on short term capital gain is allowed if net total income is below Rs 5L under old regime. However is the same available under new regime if net total income is below Rs 7L. Last year the same was controversial , but is there any clarification for FY 24-25 for new regime?

Also in Budget 2025 , is it removed for both - old and new scheme?

Please advice

Regards,

Under new Tax Regime, deduction U/S.80CCD(2) is allowed, if contribution is made by employer. What does it mean ? If my employer did not make any contribution, may I request my employer to contribute the same ? Whether this contribution amount will be deducted from my salary ?

Dear Experts,

I seek clarification regarding the inclusion of gratuity as part of the Cost to Company (CTC). Many companies include gratuity in the CTC structure, but as I understand, gratuity is a loyalty benefit paid by the employer only after the completion of five years of service.

If gratuity is included in the CTC, should it be paid to the employee as part of the full and final (F&F) settlement upon exit, even if they have not completed five years? Additionally, is it appropriate to include gratuity in the annual package from a compliance and ethical standpoint?

I would appreciate a clear perspective on this matter.

Hello everyone,

AO passed order u/s 143(3) and raised demand of 5 lacs incl interest for AY 2013-14 and AY 2014-15.

Ay 2013-14 demand was adjusted against refund due and AY 2014-15 demand was collected by attaching the bank account.

both the years matter is pending in appeal with CIT(A) and client would like to settle the matter under VVSVS 2024.

While filing Form-1 (application) it asks for tax already paid and we need to mention BSR and challan no. what to write in this case since we do not have any challan ??

Do client need to pay the tax as per scheme and claim amt already paid/recovered by income tax as refund ???

At which rate TDS need to be deducted on the above subject, Suppose I have made sale agreement of RS. 11,50,000 then how much TDS should be deducted and in which time it should be paid to the income tax department.

Also explain what are the tax implication in the hands of NRI.