Applicability of form 29c for individual(ti abv rs.27 lacs)
This query is : Resolved
Guest
Guest
(Querist)
28 September 2013
Hi,
Someone may please see the following and if possible, give reply:
Query 1
If the Assessee (a professional) pays Normal Tax, which is higher than the AMT, whether such Assessee should still obtain Form 29C Report from his Auditor?
Please confirm the applicability for the said Assessee with any supporting url so that I will learn to go through it.
Ans : ………………..
Query 2
How can the Assessee file Form 29C Report, as there is no e-file option?
Ans : ………………..
Thanks in advance for your replies
Someone may please see the following and if possible, give reply:
Query 1
If the Assessee (a professional) pays Normal Tax, which is higher than the AMT, whether such Assessee should still obtain Form 29C Report from his Auditor?
Please confirm the applicability for the said Assessee with any supporting url so that I will learn to go through it.
Ans : ………………..
Query 2
How can the Assessee file Form 29C Report, as there is no e-file option?
Ans : ………………..
Thanks in advance for your replies
Nikhil Kaushik
(Expert)
29 September 2013
Query 1
Yes. from AY 2013-14, 115JC applies to all non-corporate assessees. So you do need to obtain Form 29C for the assessee.
Please refer to https://aviratshiksha.wordpress.com/2013/06/11/alternate-minimum-tax-on-non-corporate-assessee-from-a-y-2013-14-section-115jc/
Query 2
Form 29C is not required to be e-filed. If your case is picked up for assessment, you need to produce hard copy of the form if asked for.
https://www.eircicai.org/admin_panel/background_Material/2013-Microsoft%20PowerPoint%20-%20PPT%20on%20MAT%20&%20AMT%20kkc%20july%202013%20-%20Copy%20-%20Copy..pdf
Yes. from AY 2013-14, 115JC applies to all non-corporate assessees. So you do need to obtain Form 29C for the assessee.
Please refer to https://aviratshiksha.wordpress.com/2013/06/11/alternate-minimum-tax-on-non-corporate-assessee-from-a-y-2013-14-section-115jc/
Query 2
Form 29C is not required to be e-filed. If your case is picked up for assessment, you need to produce hard copy of the form if asked for.
https://www.eircicai.org/admin_panel/background_Material/2013-Microsoft%20PowerPoint%20-%20PPT%20on%20MAT%20&%20AMT%20kkc%20july%202013%20-%20Copy%20-%20Copy..pdf
08 October 2013
29C us applicable for corporate assessee and partnership firms where the book profit is available but taxable profit is Nil
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