Home > Money > Question
Need Expert Advice?Our Gurus Can Help
Mihir

Mihir Tanna  |942 Answers  |Ask -

Tax Expert - Answered on May 28, 2024

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Satya Question by Satya on May 26, 2024Hindi
Listen
Money

I receive LIC annuity monthly. Total annual amount will be around 1.5 lakhs . In ITR where it should be shown. Can I get tax free

Ans: Broadly there are two types of Life Insurance Policy (1) ULIP (2) others
[ULIP insurance plan offers the dual benefit of investment to fulfil your long-term goals, and a life cover) and other policies]

1. ?P?olicy taken ?before 1st February 2021

The amount received on the maturity of your ULIP is free from tax as per section 10(10D) of the Income Tax Act, 1961?, if the ?amount of premium? paid is less than 10% of the sum assured you will receive? [For the ULIPs that are purchased before April 2012, the rate is 20%?].

2. ??P?olicy taken ?on or After 1st February 2021

After the amendments that were made with the 2021 budget, the returns from your ULIP will be taxed if the premium paid by you in a year exceeds Rs 2.5 lakhs.? ULIP proceeds will now be charged as a Capital gain (whether long-term or short-term will be decided by the tenure)

?Payouts from life insurance policies (excluding ULIPs) issued after April 1, 2023, will be taxable if the total annual premium exceeds Rs. 5 lakhs.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
Money

You may like to see similar questions and answers below

Latest Questions
Ravi

Ravi Mittal  |308 Answers  |Ask -

Dating, Relationships Expert - Answered on Sep 19, 2024

Asked by Anonymous - Sep 05, 2024Hindi
Listen
Relationship
I am a 27 year old unemployed female from kerala.My parents are actively looking for a groom.I am dating a schoolmate of mine for about one and half month.He has a job which he would like to upgrade.Even though it's been only a short time,we have realized that we are ideal partners.We have a very good understanding.he is a very hardworking person.He has set some goals in his life.He wants to.marry me after achieving those goals.The very first problem is he is 5 months younger than me.I was born in April 1997,and he was born in September 1997.How will i convince my parents about this age gap.He is from my same district and he lives nearby..The second problem is how can I convince parents for a late marriage.they want me to settle down as early as possible.but i too need to find a job.And he also said he has to achieve his goals to make our life more comfortable.he has a decent job now although.He is a very good person.I am scared of this age gap mostly.I don't know how to.convince our parents
Ans: Dear Anonymous,

I understand your dilemma but your partner is not wrong. Career is important and having a secure career will help you pitch the relationship to your family. In fact, I would suggest you do the same. You can use that as an excuse to delay your marriage as well. In today's day and age, it's important to have financial independence before getting married. Make your parents understand that and cite it as a reason why you are not ready to be married off yet. But apart from a solid reason, it is also the truth. Coming to the age gap, as long as it doesn't bother the two of you, that age gap is nothing to be concerned with; once you both have a great career, your parents will get convinced on their own. Work for that.

Best Wishes.

...Read more

Ravi

Ravi Mittal  |308 Answers  |Ask -

Dating, Relationships Expert - Answered on Sep 19, 2024

Listen
Relationship
hi i have been into relationship with my bf for as long as 15 yrs.. we shared a beautiful relationship but he was never fulfilling his commitment towards marriage almost for 15 years he is just saying he will marry in the coming months but never in any month we got married everytime we use to book n dan he is to cancel the dates saying that he is scared want to wait for sometime... once he told me that due to age difference of 9 yrs (M older to him by 9 yrs) his family will not accept me...but still he is ready to get married to me n i was on his false promises ...But suddenly 4 months back he got married to someone else..and i was not aware of anything because he used to meet me everyday n suddenly one day i saw him as a bride groom getting married to someone.. i dont know now how to cope with this trauma.. i see myself dying everyday..i dont understand to what extent he has committed this crime..& y did he did this.. i used to give choice also to say yes or no but not to cheat in this way...
Ans: Hello Veena,

I understand how painful it can be. Please rest assured you lost nothing. A man like that can be no one's gain. Looking behind will not do you any good. There is no method to this madness; some people do not care if their actions hurt others. You will find no answer to your "why." Now, the only thing you can do is move on gracefully with your life. Make something out of it. It will be painful for some time, I am not going to lie. But every time you think "Why did he leave," just counter it with "Thank god he left." You do not deserve such a man; in fact, no one does. Remember that. It will help you through this tough time.

Best Wishes.

...Read more

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

Close  

You haven't logged in yet. To ask a question, Please Log in below
Login

A verification OTP will be sent to this
Mobile Number / Email

Enter OTP
A 6 digit code has been sent to

Resend OTP in120seconds

Dear User, You have not registered yet. Please register by filling the fields below to get expert answers from our Gurus
Sign up

By signing up, you agree to our
Terms & Conditions and Privacy Policy

Already have an account?

Enter OTP
A 6 digit code has been sent to Mobile

Resend OTP in120seconds

x