Skip to main content


Showing posts from March, 2016

Schedule of Appeal Fees & How to file Income Tax Appeal Challan

Schedule of Appeal Fees Particulars Fees for filing appeal before CIT (A) Fees for filing appeal before I.T.A.T Assessed Total Income is Rs. 1 lakh or less Rs. 250 Rs. 500 Assessed Total Income is more than Rs. 1 lakh but not more than Rs. 2 lakhs Rs. 500 Rs. 1,500 Assessed Total Income is more than Rs. 2 lakhs Rs. 1000 1% of Assessed Income subject to a maximum of Rs. 10,000 Where subject matter is not covered under any of above Rs. 250 Rs. 500 Under Wealth Tax — Rs. 500 Miscellaneous application u/s 254(2) — Rs. 50 Stay Petition — Rs. 500 How to Fill Income Tax Appeal Challan? An Appeal can be filed only after Appeal Fee is paid. So, one should take care of the following points while making the payment of appeal fee and filling the proper challan as that fee can’t be adjusted against tax payment: The challan form to be used is  Challan No. 280 . If the Appeal is for more than one year, Appeal Fees has to b

Income Tax Department- Hitting Points (Scrutiny- A.Y 2013-14)

Income tax department has started sending notices to non-filers for the assessment year 2013-14 & onwards & are also using the said information to verify under-reporting of income 1. Annual Information Return(AIR) AIR-001: Cash deposits aggregating to Rs. 10,00,000/- or more in a year in any savings account AIR-002: Paid Rs. 2,00,000/- or more against credit card bills AIR-003: Investment of Rs. 2,00,000 or more in Mutual Fund AIR-004: Investment of Rs. 5,00,000/- or more in Bonds or Debenture AIR-005: Investment of Rs. 1,00,000/- or more for acquiring shares AIR-006: Purchase of Immovable Property valued at Rs. 30,00,000/- or more. AIR-007: Investment in RBI Bond of Rs. 5,00,000/- or more 2. Central Information Branch (CIB) CIB- 94: Sale of Motor Vehicle CIB-151: Transfer of immovable property CIB-154: Transfer of capital assets where value declared for the purpose of stamp duty is more than sale value CIB-157: Purchase of Immovable property va

Union Budget 2016- Key Highlights

The Finance Minister, Mr. Arun Jaitely on February 29, 2016 presented his 3rd ‪#‎UnionBudget‬ in the Parliament. Various changes have been proposed in the income-tax provisions which would impact the taxable income of an individual. The key direct tax proposals made for an Individual are as under: 1) Rate of surcharge shall be increased to 15% from 12%, if total income of an individual exceeds Rs. 1 crore. 2) Relief under Section 87A is proposed to be raised from Rs. 2,000 to Rs. 5,000 if total income of a resident individual does not exceed Rs. 5, 00,000. 3) Dividend income is exempt under section 10(34). However, the Finance Bill proposes an additional tax at the rate of 10% on gross amount of dividend income received from domestic company, if it exceeds Rs. 10 lakhs per annum. 4) Additional deduction up to Rs. 50,000 is proposed under section 80EE in respect of interest on housing loan to the first time individual buyers of a residential house property. 5) Maximu