Retail limit increased to 2 lac in IPO - Taxation problem querry

[goodbrother]

Retail limit increased to 2 lacs
as per IT rules AIR required to be filed for IPO appl above 1 lac

http://www.tin-nsdl.com/anninforeturn.asp

some time back advertisements were in papers that IT deptt is looking at IPO application above 1 lac

my querry :
since language used in clause 5 is payments above 1lac made for IPO application AIR has to be filed by company
1. suppose I make application be ASBA , money is not paid but blocked by bank - will this clause applicable
2. since till now application above 1 lac were hardly 5000 to 10000 ,will it attract compulsury IT scrutiny.

 

[alroyraj]

The IT dept is getting too greedy it seems. looking at all proxy variables.

 

[magnet]

my querry :
since language used in clause 5 is payments above 1lac made for IPO application AIR has to be filed by company
1. suppose I make application be ASBA , money is not paid but blocked by bank - will this clause applicable
2. since till now application above 1 lac were hardly 5000 to 10000 ,will it attract compulsury IT scrutiny.

Looks outdated

its a 2005 order.

I dont think they take care about it now seriously.

Anyways when you get similar amount share than its a problem .Just applying wont be make you scrutinize.Also are you planning not to show the shares if you get allotted?

 

[goodbrother]

Looks outdated

its a 2005 order.

I dont think they take care about it now seriously.

Anyways when you get similar amount share than its a problem .Just applying wont be make you scrutinize.Also are you planning not to show the shares if you get allotted?

clarification has been made on 24th august 2005 showing illustration example for FY 2004-05

such rules stands till further clarifications are made in this regard

see the bottom of the link
" Page last modified on: October 1,2010"

while filing return CA asks for two points from us to file in seperate column so that it may tally with high valur AIR submitted by companies/banks
1.cash deposit above 10 lac in Bank
2.credit card payment above 2 lacs

now this 3rd point "have you applied above 1 lac in IPO" may be also added

No question arise for not showing shares allotted /sold in return

 

[magnet]

But its obvious...

If you have the amount in your account and you reciprocate the same in balance sheet in column cash in bank and if figures tally.

No question of scrutinizing arises.

Its Basically when a commit is seen in account which might prove to be fatal.

WHen you apply asba i dont see an entry in account except the total doesnt match the detail statement figure a the money remains in block sense.

If shares not got than again in detail statement it re appears.

Here you asking whether more than 2 lakh amount paid for particular shares.Obviously even if you buy 20000 rupee share you show the same in account than why would you risk not showing 2 lakh rupee entry if it gets committed.

If you dont get the shares you getting the principal as refund.

ENtry nullifies.Where is the question of scrutiny comes.

Scrutiny comes when 2 lakh is paid and no entry is shown as where the money goes and if shown as expense you will need detail bills and vouchers for reference.
ALso its better to show as now its more computerized and its the computer rather than human who finds such discrepancies.