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:

  1. The challan form to be used is Challan No. 280.
  2. If the Appeal is for more than one year, Appeal Fees has to be paid for each year through a separate challan. 
  3. Write Correct Permanent Account Number (PAN)  
  4. For depositing the Appeal Fees in case of Non Corporate and Corporate Assessee, Major Head 020 or 021 is to be selected.
  5. Under ‘Type of Payment’, Minor Head Self Assessment Tax (300) has to be selected.
  6. Under ‘Details of Payments’, the amount has to be entered in the "Others" column. 
  7. Do not use Challan 280 for depositing TDS.

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 valued at Rs. 5 lakhs or more
CIB-183: Time deposit of Rs 1,00,000/-
CIB-185: Purchase of Bank Draft of more than Rs. 50,000/- in cash
CIB 321: Share Transactions more than Rs. 20,000/-
CIB-403: Investment in Fixed Deposit/Time Deposit exceeding Rs. 2,00,000/-
CIB-406: Payment made against Credit Card more than Rs 2,00,000/-
CIB-410: Cash deposit aggregating of Rs 200000 on a day
CIB-502: Contract of Rs. 10,00,000/-or more in the Commodities Exchange
CIB-514: Interest paid by co operative credit Society
CIB: Payment in connection with foreign travel amount exceeding Rs. 1,00,000/- at one time
CIB: Payment to Hotel and Restaurants exceeding Rs. 1,00,000/- at one time

3. TDS return
TDS-94A: TDS Return – Interest other than interest on security (section 194A)
TDS-92B: TDS Return – Salary to Employees (section 192)

4. Service Tax ReturnEXC-002: Turnover from services reported in Service Tax Return

5. Stock Broker
STT-01: Purchase of equity share in a recognised stock exchange
STT-02: Sale of equity Share (settled by actual delivery or transfer) in a recognised stock exchange
STT-03: Sale of equity Share (settled by otherwise than by the actual delivery or transfer) in a recognised stock exchange
STT-04: Sale of option in securities (derivative) in a recognised stock exchange
STT-05: Sale of Futures (derivative) in a recognised stock exchange

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) Maximum deduction under section 80GG for individuals paying house rent but not receiving HRA shall be increased from Rs 24,000 to Rs. 60,000 per annum.
6) Time-limit to acquire or construct house property to claim deduction of interest on housing loan under section 24(b) has been proposed to be increased from 3 years to 5 years.
7) A new Section 54EE is proposed to provide exemption up to Rs. 50 lakhs for long-term capital gains invested in units of funds set-up by Government to promote start-ups.
8) Filing of return is now mandatory, even if entire income is exempt from tax under Section 10(38). However, in such case total income should exceed maximum exemption limit without giving effect to the provisions of Section 10(38).
9) Currently, belated return can be filed at any time before the expiry of 1 year from the end of the relevant Assessment Year. Now, it is proposed that belated return cannot be filed after expiry of relevant Assessment Year.

Next Update : Detailed Analysis of Union Budget - 2016.