Examine and explain by giving reasons in brief as to the correctness or otherwise of each of the following statements in the context of provisions contained under the Income Tax Act, 1961: (ii) The application before the
CS Professional · Advanced Tax Laws and Practice · PYQS · December 2020
Examine and explain by giving reasons in brief as to the correctness or otherwise of each of the following statements in the context of provisions contained under the Income Tax Act, 1961: (ii) The application before the authority for seeking Advance Ruling is to be filed in triplicate and be accompanied by a fee of ₹ 10,000.
Answer & Explanation:
Incorrect: As per section 245Q of the Income Tax Act, 1961, the application before the authority for seeking Advance Ruling shall be made in Quadruplicate and to be accompanied by a fee of ₹ 10,000 or such fee as may be prescribed in this behalf, whichever is higher.
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Explain meaning of Reverse Merger. List down the benefits available in it.
- A Ltd. has some plant and machinery in a block of assets whose written down value on 1st April, 2020 was ₹50,00,000. The...
- Sangeeth acquired a house property for ₹2,00,000 on 10th June, 1976. He incurred the following expenses to make some add...
- Incomes earned during a previous year are always taxable in the assessment year. Do you agree? Explain with reasons.
- From the following information given by Duke Ltd., for the Previous Year 2020-21, compute the tax payable by it for the ...