Returns

Question 1

What is the primary purpose of Section 139 of the Income Tax Act, 1961?

Answer 1

To provide the provisions for filing income tax returns.

Question 2

True or False: All individuals are required to file income tax returns under Section 139.

Answer 2

False

Question 3

What is the due date for filing income tax returns for individuals and non-audit cases?

Answer 3

July 31st of the assessment year.

Question 4

Fill in the blank: Section 140 of the Income Tax Act deals with the ____ of the return.

Answer 4

verification

Question 5

What section outlines the consequences of not filing a return on time?

Answer 5

Section 234A

Question 6

What does Section 143 of the Income Tax Act, 1961 pertain to?

Answer 6

Assessment of income tax returns.

Question 7

What is the time limit for making a best judgment assessment under Section 144?

Answer 7

Within two years from the end of the assessment year.

Question 8

True or False: Section 148 allows the Income Tax Department to reopen assessments.

Answer 8

True

Question 9

What is the purpose of Section 154?

Answer 9

To rectify mistakes apparent from the record.

Question 10

What does Section 246A cover?

Answer 10

Appeals to the Commissioner of Income Tax (Appeals).

Question 11

What is the maximum time limit to file an appeal under Section 249?

Answer 11

30 days from the date of the order.

Question 12

Fill in the blank: Section 271(1)(c) deals with ____ for concealment of income.

Answer 12

penalties

Question 13

What is the role of a ‘return’ under the Income Tax Act?

Answer 13

To declare income and calculate tax liability.

Question 14

True or False: Section 139(1) mandates filing returns for every resident individual.

Answer 14

False

Question 15

What is the provision for filing belated returns under Section 139(4)?

Answer 15

Returns can be filed within one year from the end of the relevant assessment year.

Question 16

What does Section 147 allow?

Answer 16

Assessment or reassessment of income.

Question 17

What is the time limit for filing a rectification application under Section 154?

Answer 17

Within four years from the date of the order.

Question 18

What is the significance of Section 245?

Answer 18

It provides for the adjustment of refunds against tax liabilities.

Question 19

True or False: A taxpayer can appeal against a penalty under Section 271.

Answer 19

True

Question 20

What is the prescribed form for filing an appeal under Section 253?

Answer 20

Form 35

Question 21

What does Section 269SS address?

Answer 21

Prohibition of accepting loans or deposits in cash above a specified limit.

Question 22

Fill in the blank: Under Section 248, an appeal can be filed by a ____ against an order of assessment.

Answer 22

taxpayer

Question 23

What does Section 271(1)(b) penalize?

Answer 23

Failure to comply with a notice under Section 142.

Question 24

What is the time frame for filing a revision application under Section 264?

Answer 24

Within one year from the date of the order.

Question 25

True or False: Section 139(5) allows taxpayers to revise their returns.

Answer 25

True

Question 26

What is the purpose of Section 139(3)?

Answer 26

To provide for filing returns by a person who is not required to file under Section 139(1).

Question 27

What is the penalty for failure to file a return under Section 271F?

Answer 27

A penalty of up to ₹5,000.

Question 28

What section deals with the procedure for submitting an appeal to the Appellate Tribunal?

Answer 28

Section 253

Question 29

Fill in the blank: Section 274 outlines the ____ for imposing penalties.

Answer 29

procedure

Question 30

What is the time limit for issuing a notice under Section 143(2)?

Answer 30

Within six months from the end of the financial year in which the return was filed.

Question 31

True or False: Section 246 allows appeals against orders of assessment only.

Answer 31

False

Question 32

What does Section 139(9) relate to?

Answer 32

Defective returns and their rectification.

Question 33

What is the consequence of not responding to a notice under Section 142?

Answer 33

The assessment may be completed based on available information.

Question 34

Fill in the blank: Section 271(1)(c) can impose a penalty for ____ of income.

Answer 34

concealment

Question 35

What does Section 280A state about the payment of tax?

Answer 35

It requires payment of tax before filing an appeal.

Question 36

What is the significance of Section 139(4A)?

Answer 36

It mandates trusts and institutions to file returns.

Question 37

True or False: All appeals must be filed in the prescribed format as per Income Tax rules.

Answer 37

True

Question 38

What is the primary function of Section 271D?

Answer 38

To impose penalties for accepting loans or deposits in contravention of Section 269SS.

Question 39

What does Section 270A address?

Answer 39

Penalties for underreporting of income.

Question 40

Fill in the blank: Section 253(3) deals with appeals by ____ against orders of the Commissioner.

Answer 40

the taxpayer

Question 41

What is the time limit for filing an appeal against a penalty order under Section 271?

Answer 41

30 days from the date of the order.

Question 42

True or False: Section 139(1) applies to all taxpayers uniformly.

Answer 42

False

Question 43

What does Section 142(1) require from taxpayers?

Answer 43

To furnish information as required by the assessing officer.

Question 44

Fill in the blank: Section 271(1)(c) may impose penalties up to ____ of the tax sought to be evaded.

Answer 44

300%