CA Final · Direct Tax Laws & International Taxation · Advance Rulings
Prakash Mehta, an individual resident who is not covered by the transaction-based categories in the fee table, applies for an advance ruling for a transaction of Rs. 250 crore. He is required to file a return of income. Which statement about his application under Rule 200 is correct?
The fee is Rs. 10,000 because an applicant falling under 'any other applicant' pays that amount in all cases irrespective of the transaction amount. As he must file a return, the application is furnished electronically and signed by the person authorised to verify the return under section 265.
- AFee is Rs. 5,00,000 because the amount is between Rs. 100 crore and Rs. 300 crore
- BFee is Rs. 10,000 and the application is signed by the person authorised to verify his return under section 265Correct
- CFee is Rs. 10,000 and the application is signed by any person holding a power of attorney
- DFee is Rs. 2,00,000 and the application may be filed in physical form
Explanation
An 'any other applicant' falls in item 3, so the fee is Rs. 10,000 in all cases regardless of amount. Since he must furnish a return, rule 200(3)(a) requires signing by the person authorised to verify the return under section 265. Applications are filed electronically, not physically.
Did you get it right without looking?
One question tells you little. A timed set on Advance Rulings shows your real accuracy, how long you take and where you lose marks.
More Advance Rulings questions
- Ramesh Textiles Ltd, a resident company, plans to approach the Board for Advance Rulings. Before filing, its finance head checks the constit…
- The Board for Advance Rulings has pronounced a ruling on an application by a non-resident. Which statement is correct under the Income-tax R…
- Sundaram Infra Pvt Ltd, a resident company, is making an application for an advance ruling under the Income-tax Act, 2025. It seeks a ruling…
- Rohan Textiles Ltd, a resident applicant, seeks an advance ruling on its own tax liability from a transaction it proposes with another resid…
- Sundaram Pharma Ltd, a resident, received an advance ruling from the Board for Advance Rulings. The Commissioner with jurisdiction disagrees…
- Rohan Exports Pvt Ltd is the applicant before a Board for Advance Rulings, which has pronounced its ruling. Under Rule 201 of the Income-tax…