ids int64 1 1.12k | Query stringlengths 12 506 ⌀ | Answer stringlengths 2 14.3k ⌀ |
|---|---|---|
1,101 | What is the due date for payment of Advance tax and Self Assessment tax? | (B) LAST DATE FOR PAYMENT OF SELF ASSESSMENT TAX
As per section 140(1) , Payment of income-tax on self-assessment should be done by the assessee before the date of filing of return of income. The payment made after the due date of filing return of income attracts interest under section 234A.
(C)LAST DATE FOR PAYM... |
1,102 | Who is liable to pay Advance tax? | As per Section 208 of the Income Tax Act,
Every person (individual, firm, company, etc.)
whose estimated tax liability for the year (i.e., for the year in progress such as FY 2021-22, FY 2022-23, etc.)
after TDS (i.e., TDS which is deducted for the person by its payers/clients/banks, etc.)
Is Rs. 10,000... |
1,103 | Can payment of advance tax be made through any bank account? | It is not necessary to make the payment of taxes from assessee's own account in an authorized bank.
An assessee can make the payment from account of any person.
However, the challan for making such payment must clearly indicate the Permanent Account Number of assesse on whose behalf the payment is made. |
1,104 | Are the Advance ruling, binding on taxpayers or tax authorities? | An advance ruling pronounced by the Authority is binding on the follows :-
The Applicant.
The Commissioner.
Commissioner of Income-tax (Appeals).
Income-tax authorities who are subordinate to Commissioner
In respect of transaction for which ruling had been sought |
1,105 | Can I withdraw the Application for Advance Ruling, once I have filed it ? | Yes, you may withdraw the application within 30 days from the date of such application. If you with drawl after such period, you can withdraw it only with the permission of the Authority. |
1,106 | Can I pay the application fees in cash? | No, the application fees payable should be in the form of a demand draft in favour of Authority for Advance Ruling. |
1,107 | What fees is to be paid along with application for advance ruling? | The fees to be paid along with application shall be as follows
Category of case Fee
Amount of transaction(s) does not exceed Rs. 100 crore. Rs. 2 Lacs
Amount of transaction(s) exceeds Rs. 100 crore but does not exceed Rs.300 crore. Rs. 5 Lacs
Amount of transaction(s) exceeds Rs. 300 crore. Rs. 10 Lacs
Other Ca... |
1,108 | What are requirements of an application for Advance Ruling? | An applicant desirous of obtaining an advance ruling may make an application in such form and in such manner as may be prescribed :-
Stating the question on which the advance ruling is sought.
Application should be in quadruplicate (4 Copy).
With prescribed fee.
|
1,109 | What is the meaning of advance ruling? | Advance ruling means the determination of a question of law or fact specified in the application in relation to tax liability of an applicant arising out of transactions which have been undertaken or proposed to be undertaken.
The Finance Act, 2021 has provided that the Authority for Advance Rulings shall cease to o... |
1,110 | When can a resident apply for an advance ruling?
| A resident can apply to AAR for advance ruling in relation to his tax liability only if transaction(s) undertaken or proposed to be undertaken is equal to 100 crores or more |
1,111 | Who can apply for an advance ruling? | "Applicant" can be any person who is :-
A non-resident desirous of setting-up a joint venture in India in collaboration with a non-resident or a resident; or.
A resident desirous of setting-up a joint venture in India in collaboration with a non-resident; or
A resident;
Public Sector Company. (PSU) |
1,112 | What is the purpose of Advance rulings? | The purpose of Advance rulings is to provide clarity on important issues to taxpayers, so that they have a clear-cut idea of their tax liability in advance for a given set of transactions. |
1,113 | What does AAR stand for and what are its functions? | AAR means Authority for Advance Rulings set-up by the Central Government for pronouncing advance rulings in respect applications filed before them. |
1,114 | What is Board for Advance Rulings? | The Finance Act, 2021 has inserted a new section section 245-OB to empower the Central Government to constitute one or more Board for Advance Rulings for giving advance rulings on and after the notified date. Every such Board shall consist of two members, each being an officer not below the rank of Chief Commissioner.... |
1,115 | How pending application before Authority for Advance Ruling shall be disposed off? | The pending application with the Authority for Advance Ruling in respect of which order has not been passed before the notified date shall be transferred to the Board for Advance Rulings along with all records, documents or material, by whatever name called and shall be deemed to be the records before the Board for all... |
1,116 | What is e-Advance Ruling Scheme 2022 | E-advance rulings Scheme, 2022 has been notified by the CBDT vide Notification No. 07/2022, dated 18-01-2022. The Scheme is applicable with effect from 18-01-2022. The Scheme shall apply to the applications of advance rulings made to the Board for Advance Ruling or applications of advance rulings transferred to such B... |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.