Practice Test

Q1) Who is compulsorily required to file returns? Show Answer

Q2) Mr. A aged 26 years is a working partner in a partnership firm which is liable for tax audit. His gross total income is Rs.2,45,000. Partnership firm has a bank account in Switzerland for which Mr. A has signing authority. When is Mr. A required to file his return of income? Show Answer

Q3) Miss Alia Bhatt is confused whether she is supposed to file her return of income or not. She asks you as a CA to tell her what needs to be considered by her for determining eligibility of filing of return of income. Show Answer

Q4) What is the due date of filing return of income of a sleeping partner of partnership firm whose accounts are required to be audited? Show Answer

Q5) State whether true or fa Ise
"Any employee who has filed a return of his income to his employer shall be deemed to have furnished a return of income u/s 139."
Show Answer

Q6) State whether true or false "Belated return cannot be revised." Show Answer

Q7) Time limit for filing belated return for FY18-I9 Is Show Answer

Q8) Which of the following persons are mandatorily required to file return of income irrespective of the total income? Show Answer

Q9) Which of the following persons are required to file the return only if their GTS exceeds basic exemption limit Show Answer

Q10) Which of the following persons are compulsorily required to have PAN Show Answer

Q11) Every person carrying on any business or profession whose total sales, turnover exceeds Rs._____ is required to have PAN Show Answer

Q12) Quoting of PAN is mandatory in which of the following cases? Show Answer

Q13) When a payment is made to a mutual fund exceeding Rs. ____ in cash, quoting of PAN isrequired Show Answer

Q14) When a payment is made for sale or purchase of any immovable property of an amount exceedingRs.______ quoting of PAN is mandatory Show Answer

Q15) Every person is required to mandatorily quote Aadhar Card in ______ Show Answer

Q16) Quoting of Aadhar Number would not apply to which of the following individuals- Show Answer

Q17) Can a Chartered Accountant be a Tax Return Preparer? Show Answer

Q18) Who among the following with 11 verify the return of the company? Show Answer

Q19) Eligible assessee to which draft order will be sent u/s 144C i.e. provision for constitution of alternate dispute resolution mechanism is- Show Answer

Q20) Time limit for passing final order by AO u/s 144C is within _____ from the end of the month inwhich acceptance is received or the period of filing of objections expires Show Answer

Q21) Assessment u/s 143(3) with respect to AY 19-20 has to be completed within from the endof AY in which income was first assessable Show Answer

Q22) With respect to completion of assessment u/s 144 of AY 18-19, time limit to complete the same is _____ months from the end of AY in which income was first assessable Show Answer

Q23) Time limit for completion of assessment u/s 144 of AY 19-20 will be _____ months from the endof the AY in which income was first assessable if reference is made to TPO Show Answer

Q24) When notice is issued to an assessee u/s 153A with respect to search, return should be filed forminimum ______ years and maximum ____ years preceding the AY Show Answer

Q25) No notice shall be issued beyond 6 years prior to the year of search unless the income representedin the form of assets which has escaped assessment amounts to or is likely to amount to ______ or more in relevant AY or in aggregate in relevant AYs Show Answer

Q26) Time limit for assessment u/s 153A with respect to search if last of authorization for search u/s132 or for requisition u/s 132A was executed during FY18-19 is ______ from the end of the FY inwhich last of authorization for search u/s 132 or 132A was executed Show Answer

Q27) If any money, any books of accounts belongs to any person other than the person referred to in Sec153A, then the books of accounts or asset seized shall be handed over to Show Answer

Q28) Sec 153D provides that assessment of search cases in respect of each AY referred to in Sec 153Ashall not be made by an Assessing Officer below the rank of Show Answer

Q29) Assessment order u/s 154 will be amended if ______ Show Answer

Q30) Doctrine of ______ merger would be applicable with respect to rectification u/s 154 Show Answer

Q31) Rectification of order can be made when mistake is ______ Show Answer

Q32) Time for rectification u/s 154 is Show Answer

Q33) To issue notice u/s 148 for income escaping assessment after 4 years from the end of relevant AY,Assessing Officer needs to take prior approval of ______ Show Answer

Q34) issue notice u/s 148 for income escaping assessment up to 4 years from the end of relevant AY,Assessing Officer needs to take prior approval of ____ Show Answer

Q35) State whether true or false. "Assessing Officer need not communicate to assessee the reasons which led him to initiate the proceedings u/s 147 upto date of filing of return in response to notice u/s 148 Show Answer

Q36) Where an assessment has been made u/s 143(3), in which of the following cases income to deemed to have escaped assessment? Show Answer

Q37) Time limit for issue of notice u/s 148 where income which has escaped assessment amounts toRs.1,50,000 will be _____ years from the end of relevant AY Show Answer

Q38) Time limit for issue of intimation u/s 143(1) and sending the same to assessee is _____ Show Answer

Q39) Scrutiny assessment notice cannot be issued after expiry of _____ from the end of the FY inwhich the return of income is furnished Show Answer

Q40) when can Best Judgement Assessment be done Show Answer

Q41) State whether true or false. "Special audit u/s 142 will be conducted only if the accounts of assessee are not audited under any other law." Show Answer

Q42) Expenses of special audit u/s 142 will be paid by _____ Show Answer

Q43) In case of LLP, who is authorized to verify the return Show Answer

Q44) Which of the following order is not appealable before Commissioner (Appeals) Show Answer

Q45) Which of the following order is appealable before Commissioner (Appeals) Show Answer

Q46) Where an order made u/s 154 or sec 155 having the effect of enhancing the assessment orreducing a refund, appeal lies with _____ Show Answer

Q47) Where an order is made u/s 201 deeming a person to be an assessee in default for failure todeduct TDS, appeal against this order lies with ____ Show Answer

Q48) Miss Perfume deducts tax of David Miller (Non-Resident) which is borne by David Miller only.Subsequently, Miss Perfume claims that no tax was required to be deducted on such income, in such cases she may appeal to Show Answer

Q49) State whether True or False "Appeal can be filed with Commissioner (Appeals) only if the assessee has paid the tax on the amount of income returned by him in cases where a return has been filedbyAssessee." Show Answer

Q50) Commissioner (appeals) has to be dispose of the appeal within ______ Show Answer

Q51) What are the powers of Commissioner (apples) Show Answer

Q52) Order passed by Assessing Officer in pursuanceof directions of dispute resolution panel is appealable to ______ Show Answer

Q53) Which of the following orders are appealable to ITAT- Show Answer

Q54) Appeal to HAT has to be filed within _____ days from date on which order sought to be appeal against is communicated to assessee Show Answer

Q55) Appeal to HAT has to be filed within _____ days from date on which order sought to be appeal against is communicated to assessee Show Answer

Q56) where an appeal is filed to ITAT by Assessing Officer on direction of Commissioner or Principal Commissioner, fees to be paid will be- Show Answer

Q57) Appellate tribunal may at any time within from end of the month in which order is passed
with a view to rectify any mistake apparent from the records, amend any order passed by it-
Show Answer

Q58) ITAT can grant stay of demand (including Extenstion) for a maximum of _____ days- Show Answer

Q59) Appeal to ITAT can be filed if there is- Show Answer

Q60) State whether true or false.
"Appeal can be filed to High Court only if there is question of fact."
Show Answer

Q61) Appeal to High Court against order of ITAT can be filed within _____ from the date on which orderappealed against is received byassessee- Show Answer

Q62) As per Sec 263, if the order of Assessing Officer is erroneous and prejudicial to the interest of revenue, the same can be revised by- Show Answer

Q63) When will the order passed by Assessing Officer be considered as deemed to be erroneous and prejudicial to the interest of revenue- Show Answer

Q64) State whether true or false.
"When any matter of the order has been the subject matter of any appeal, any other matters of that order cannot be revised u/s 263."
Show Answer

Q65) Revisionary order u/s 263 shall be passed by Principal Commissioner or Commissioner within ______ from the end of the Financial Year in which order sought to be revised was passed. Show Answer

Q66) An order is passed by Assessing Officer u/s 143(3) on 20/06/2017. Principal Commissioner wants to revise this order suo moto u/s 264. Maximum time allowed to revise this order is- Show Answer

Q67) State whether true or false.
"When any matter of the order has been the subject matter of any appeal, other subject matter of the order cannot be revised u/s 264."
Show Answer

Q68) if the assessee files application to Principal Commissioner to rewise order u/s 264, thenrevisionary order has to be passed within _____ from the end of Financial Year in which applicationis made by assessee for revision- Show Answer

Q69) Concept of total merger was applicable in case of _____ and partial merger in case of ____ Show Answer

Q70) Which of the following can be filed without fees- Show Answer

Q71) _____ is the final fact finding Authority Show Answer

Q72) Who constituted Income Tax Settlement Commission- Show Answer

Q73) In case of proceeding for assessment or re-assessment u/s 147, deemed date of commencement of proceeding is- Show Answer

Q74) Assessee has to disclose something for making application n/s245C i.e. application to settlement commission. Which of the following disclosure needs to be made- Show Answer

Q75) Sec 245C provides that the additional amount of income tax payable on income disclosed inapplication should exceed ______ for an application to be made before the settlementcommission in cases where proceeding for assessment has commenced due to search- Show Answer

Q76) Mr. Rishi Kapoor wants to make an application before settlement commission. Additional income tax payable disclosed will be Rs.60,00,000. Before making an application, Rishi paid Rs.25,00,000 and Rs.35,00,000 is still pending to be paid. Will the settlement commission accept the application-? Show Answer

Q77) For making an application to the settlement commission, limit for additional income tax will beRs. ______ lakh for the tax payer who is the subject matter of search and limit of Rs. lakh should beapplicable to entities related to such a tax payer, who is also the subject matter of search- Show Answer

Q78) A person shall be deemed to have a substantial interest in a business or profession if such person is the beneficial owner of shares carrying not less than _____ of voting power Show Answer

Q79) Mr. Piyush Goya I wants to make an application for Previous Year 17-18 u/s 245C to the settlement commission. Additional undisclosed income shown in application is Rs.65,00,000 for Previous Year 17-18. Return was filed for Previous Year 17-18 and Rs.35,00,000 was shown as income in the return and Rs.8,88,375 was paid in the form of tax. Calculate additional income tax payable by Mr. Piyush for submitting this application-(Ignore interest on additional income tax) Show Answer

Q80) Fees for making an application under settlement commission is Rs. ______ Show Answer

Q81) State whether true or false- "Settlement application made u/s 245(1) cannot be withdrawn by applicant." Show Answer

Q82) After receipt of application from applicant, settlement commission will issue a notice within 7days for- Show Answer

Q83) State whether true or false "Settlement commission has no right to reject the application made by applicant." Show Answer

Q84) Settlement commission will pass the final order only after- Show Answer

Q85) Time limit for passing an order of Settlement Commission is within ____ months from the end ofthe month in which application was made. Show Answer

Q86) Tax payable in pursuance of an order passed by Settlement Commission has to be paid before expiry of ______ days from the receipt of final order in order to avoid interest- Show Answer

Q87) Settlement Commission with a view to rectifying any mistake apparent from the records, mayamend any order passed by it within a period of _____ months from the end of the month in whichorder was passed- Show Answer

Q88) _____ is the place where the principal bench of Settlement Commission sits- Show Answer

Q89) State whether true or false ’The Settlement Commissioner is not vested with all the powers in an incometaxauthority under the income Tax Act,1962 Show Answer

Q90) Settlement Commission u/s 245K can grant immunity from prosecution or penalty under which of the laws- Show Answer

Q91) In which of the following situations, immunity granted will be withdrawn- Show Answer

Q92) On what date it will be treated as abatement of proceedings before the Settlement Commission, where an application is made to the Settlement Commission on or after 01.06.2007 has been rejected u/s245D- Show Answer

Q93) Matter covered by Settlement Commission- Show Answer

Q94) Mr. Gcenka made an application to Settlement Commission on 05/06/18 and it was accepted. After this application, how many times can Mr. Goenka make appfication- Show Answer

Q95) Mr. Ail made an application to Settlement Commission on 09/09/18 and it was subsequentlyaccepted by Settlement Commission. Which of the following person cannot make the application after Ali made it- 0) Ali himself
(ii) Firm in which Ali is entitled to 25% of profits
(iii) Private Company in which Ali holds 52% of shares Ov) HUF in which Ali is a Karta
Show Answer

Q96) Where there is under reporting of income which leads to misreporting of income, penalty will be ______ % of tax payable on such under-reported income Show Answer

Q97) On failure to keep, retain or maintain books of accounts, documents etc required u/s 44AA, penalty will be Show Answer

Q98) What will be the penalty for failure to get accounts audited or obtain audit report u/s 44AB? Show Answer

Q99) What will be the penalty for non-furnishing of report beyond 1 month by any reporting entity which is obligated to furnish country by country report u/s 286? Show Answer

Q100) What will be the penalty for submission of inaccurate information in CBC report? Show Answer

Q101) What will be the penalty where Mr. Ravan failed to comply with a notice issued u/s 142(1)? Show Answer

Q102) In cases where return of income has been filed, which of the following situations will be considered as under reporting of income- Show Answer

Q103) Which of the following cases are not included within the scope of under reported income? Show Answer

Q104) Mr. Ram a resident individual, aged 55 years has not furnished his return of income for AY 19-20.However, total income assessed with respect to such year u/s 144 is Rs.12, 00,000. What will be the penalty leviable u/s 270A? Show Answer

Q105) Which of the following things is an assessee required to do for making an application to AO for grant of immunity from imposition of penalty u/s 270A? Show Answer

Q106) Penalty proceedings u/s 270A has been initiated due to claim of expenditure not substantiated by evidence. Whether immunity from penalty can be granted by AO? Show Answer

Q107) What is the rate of penalty if undisclosed income is found during search conducted on 16/12/18 and such undisclosed income not admitted during course of search? Show Answer

Q108) Competent authority to levy penalty u/s 271D and 27IE for violating provisions of sec 269SS andsec 269ST is ______ Show Answer

Q109) Who will levy penalty u/s 271 FA for not submitting SFT u/s 285BA? Show Answer

Q110) Penalty u/s 271 FA is leviable when SFT is not submitted u/s 285BA. How much penalty will be leviable? Show Answer

Q111) Megha Private Bank did not file SFT. Department sent a notice requiring them to file SFT till 30/11/2018. Megha Private Bank filed the same on 19/12/2018. Penalty u/s 271 FA for the period from 01/12/2018 to 19/12/2018 will be- Show Answer

Q112) Penalty u/s Sec 271FAA will be leviable of Rs.50,000 with respect to SFT subject to which of the following conditions? Show Answer

Q113) Penalty can be reduced or waived off by - Show Answer

Q114) Principal Commissioner or Commissioner cars reduce or waive off the penalty in which of the following conditions? Show Answer

Q115) imposition of fine and launching of prosecution on assessee can be made by- Show Answer

Q116) If order made u/s 132 with respect to search seizure is contravened, there will be a rigorousimprisonment of up to ____ years and fine Show Answer

Q117) Mr. A deducted TDS u/s 194J of Rs.12,000 but failed to pay the same to the government. Rigorous punishment for him will be- Show Answer

Q118) For the purpose of offences and prosecution, which of the following individuals will be deemed to be guilty of offence committed by AOP- Show Answer

Q119) In case of Books of Accounts taken into custody under search and seizure u/s 132, which of the following things will be presumed Show Answer

Q120) When will a person be called as legal representative- Show Answer

Q121) Action against legal representative u/s 159 can be taken only when- Show Answer

Q122) Legal representative u/s 159 is liable for _____ of deceased assessee- Show Answer

Q123) Legal representative is liable for income of deceased up to- Show Answer

Q124) Persons who are liable to be assessed on the behalf of other because of their association with the real recipient of the income are known as- Show Answer

Q125) Which of the following is a right of representative assessee-? Show Answer

Q126) In case of disagreement between principal and representative assessee, such representativeassessee may secure from ______ a certificate stating the amount to be so retained- Show Answer

Q127) Agent of Non-Resident is representative assessee of Non-Resident. Which of the following is not included in definition of agent-? Show Answer

Q128) Discretionary trust will be liable to tax @ _____ of income tax on their entire income- Show Answer

Q129) A, Band Care beneficiaries of ABC discretionary trust. Incomeof A, Band Care below exemptionlimit. Tax to be charged to trust will be- Show Answer

Q130) Where income is derived from property held under trust wholly for charitable or religious purpose and shares of beneficiaries are not known and whole or any part of relevant income is not exempt u/s 11 or 12, tax shall be charged on relevant income at- Show Answer

Q131) Who is appointed to carry out the instructions and wishes of the deceased and to administrate the estate of a deceased- Show Answer

Q132) On the death of person, executor will be responsible for the estate of deceased and assessment will be made on him. How will the residential status of executor be found out- ? Show Answer

Q133) Execute of will be responsible for the income of deceased from- Show Answer

Q134) When a business is succeeded by another person, income from the start of accounting year of succession till the date of succession will be assessed in the hands of- Show Answer

Q135) Income which is earned during one FT is not charged to tax in that very year but in the next following FY. Exceptions to this rule are as under- Show Answer

Q136) When a company is being wound up, liquidator has to give notice to AO about his appointment within- Show Answer

Q137) Procedure of tax payable by Company under liquidation will be- Show Answer

Q138) Stste whether true or false “If the liquidator after winding up fails to comply with any of th£ conditions of liquidation, then he shall be personally liable.” Show Answer

Q139) In case of private company, if any tax is due, _______ shall be liable for payment of tax- Show Answer

Q140) Due date for submitting SFT is _____ Show Answer

Q141) Banking company is required to submit SFT with respect to transaction where in cash deposit is made by a person in current account in a FY aggregate to _________ Show Answer

Q142) Payment of Rs 1,20,000 made to institution issuing credit card with respect to credit card issued. Whether the credit card company is required to report this transaction? Show Answer

Q143) If a company issuing shares receives amount of Rs. _______ in FY, such company has to report this transaction in SFT u/s 285BA Show Answer

Q144) If a person liable for audit u/s 44AB receives cash exceeding Rs. _____, then such a person isrequired to report the transaction under SFT Show Answer

Q145) In case of dissolved firm any notice which is required to be served should be served to _______ Show Answer

Q146) Sec 269SS provides that no person shall take or accept any loan in excess of Rs. _______ otherwise than by account payee cheque, account payee draft or use of ECS Show Answer

Q147) Miss Nupur Parikh took a loan of Rs.21,000 in cash from Darbhanga Co-operative Bank. Penaltyleviable for violating Section 269SS will be ________ Show Answer

Q148) Sardar Patel NBFC gave a loan for which total repayment is Rs.2,50,000 which is to be made incash. Each installment amounts to Rs.15, 000. How much penalty is leviable for violating Sec 269ST? Show Answer

Q149) An appeal against the order of Tribunal to the High Court shall be filed within-
Show Answer

Q150) The time-limit for revision by Commissioner of Income-tax (CIT) under section 264 is
Show Answer

Q151) The order passed by the Assessing Officer when challenged before the Commissioner (Appeals) under section 246A, memorandum of appeal should be filed in:
Show Answer

Q152) The Commissioner of Income-tax is empowered to revise the assessment order of the Assessing Officer when the same is erroneous and pre-judicial to the interest of revenue. Such power is vested in the Commissioner of Income-tax under:
Show Answer

Q153) ABC Ltd. entered into international transactions with Allen Inc. of USA during the year ended on 31st March, 2023 totaling 1,000 lakh, but failed to keep and maintain the information and documents in respect of such international transactions. The Assessing Officer can levy a penalty on ABC Ltd. for this default under section 271AA upto: Show Answer

Q154) The maximum penalty leviable for failure to get accounts audited or to furnish report under section 44AB is: Show Answer

Q155) An order passed by the Commissioner (Appeals) should be communicated to:
Show Answer

Q156) The assessment of Julie (Pvt.) Ltd. under section 143(3) for the assessment year 2023-24 was completed on 12th October, 2023. The notice of demand was served on 27th October, 2023. The assessee has to file appeal before the Commissioner (Appeals) within- Show Answer

Q157) The time-limit for making revisional order under section 263(2) and 263(3) is-
Show Answer

Q158) Penalty for failure to collect tax at source, as a percentage of tax to be collected is - Show Answer

Q159) A survey is conducted in the premises of the assessee and assessments are reopened for some assessment years. An application for settlement could be made to the Settlement Commission when the additional amount of income-tax payable on the income disclosed in the application exceeds -
Show Answer

Q160) The order of revision passed by Commissioner under section 264 is-
Show Answer

Q161) Any party which is aggrieved by an order passed by the Appellate Tribunal may file an appeal to High Court within -
Show Answer

Q162) Revision of an order which is prejudicial to the revenue is made under-
Show Answer

Q163) As per Section 271A, failure to keep, maintain or retain books of account would attract penalty of - Show Answer

Q164) Mr. Balwant received assessment order passed under section 143(3) on 10.1.2023. He wants to prefer an appeal before CIT (Appeals) against the assessment order. The time limit for preferring appeal is..... days from the date of receipt of assessment order. Show Answer

Q165) An assessment order under section 143(3) dated 15.9.2022 was served on the assessee on 25.9.2022. The Commissioner wants to make a revision of the order passed under section 143(3) by invoking Section 263. The time limit for passing revision order under section 263 is:
Show Answer

Q166) Mr. Rajan did not appear before the Assessing Officer in response to a notice issued under section 143(2). He repeatedly absented from appearing before the Assessing Officer. How much could be the quantum of penalty the Assessing Officer could levy on Mr. Rajan for the failure? Show Answer

Q167) Mr. Bimal received assessment order passed by the Assessing Officer on 10-01-2021. What is the time limit within which the appeal has to be filed to CIT (Appeals) in case the assessee wants to challenge the order of the Assessing Officer? Show Answer

Q168) An appeal against the order passed by the Assessing Officer u/s 143(3) read with section 148 can be filed by an aggrieved assessee before the :
Show Answer

Q169) The Assessing Officer, while scrutinizing the return of an assessee, finds under-reporting of income for the reason of misreporting of facts of such income. He can levy penalty on such under-reported income resulting from misreporting of income upto .......... of tax payable on such under-reported or misreported income. Show Answer

Q170) The Principal Commissioner of Income-tax is empowered to revise the assessment order of the Assessing Officer when the same is found to be erroneous and pre-judicial to the interest of Revenue. Such power is vested in the Principal Commissioner of Income-tax u/s :
Show Answer

Q171) First appeal can be filed by:
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Q172) The respondent is having right to file Memorandum of Cross Objections before the ITAT after receipt of the Memorandum of Appeal filed by the appellant. Such Memorandum of Cross Objections is to be filed by the respondent within a period of: Show Answer

Q173) Income-tax Appellate Tribunal cannot grant stay either under the original order or any other subsequent order in aggregate beyond the period of: Show Answer

Q174) An appeal from the order of ITAT lies before the High Court and the same is to be filed within the period of ................ days from the date on which the order appealed against is received by the assessee or the CIT. Show Answer

Q175) The maximum penalty leviable for under reporting of income which results from misreporting of income by the assessee is: Show Answer

Q176) The rationale behind power of revision of orders prejudicial to the interest of revenue conferred on the Commissioner of Income Tax under section 263 of Income Tax, Act, 1961 is that:
Show Answer

Q177) The time limit for filing an appeal by person denying liability to deduct tax in respect of payments payable to non-resident or a foreign company as provided in section 249(2)(a) of the Income Tax Act 1961 is within:
Show Answer

Q178) The premises of an assessee within the jurisdiction of an Assessing Officer can be surveyed during business hours by such Income-Tax Authority............
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Q179) The Assessing Officer can complete the assessment under section 144 of the Act even though there is no failure on the part of assessee under section 139(1), 139(4), 139(5), 142(1), 142(2A) or 143(2) of the Act. Such powers by the A.O. may be exercised in which of the following situations:
Show Answer

Q180) The Commissioner of Income Tax can call for the records of an assessee and by virtue of powers conferred under the Act can make the revision of the order passed by the Assessing Officer after giving an opportunity of being heard to the assessee. Such powers can be invoked by
the CIT, when :
Show Answer

Q181) As per section 9A, an eligible off-shore investment fund shall furnish within 90 days from the end of the financial year, a statement containing information relating to fulfillment of specified conditions and such other information or documents as may be prescribed. Penalty of...........to be levied, if investment fund failed to comply with the requirements as per section 271FAB.
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Q182) The Assessing Officer while scrutinizing the return of an assessee find under reporting of income for the reason of misreporting of facts of such income and thus levied penalty on such under reported income resulting from misreporting of income. The penalty to be imposed by the A.O. shall be at the rate of.......... ..tax payable on such misreported income. Show Answer

Q183) The Central Board of Direct Taxes (CBDT) is headed by Chairman and also comprises of six members. The Chairman and all the Members of the CBDT are being selected: Show Answer

Q184) The Central Board of Direct Taxes (CBDT) provides essential inputs for policy and planning of direct taxes in India and is a _____ functioning under the Central Board of Revenue Act, 1963. Show Answer

Q185) A notice under section 148 for A.Y. 2016-17 in the case of Jockey Limited where the original assessment was completed u/s 143(3) of the Income Tax Act, 1961 and the escaped income is of Rs ____ or more can be issued before 31.03.2023 by the Assessing Officer only with the approval of ____.
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Q186) Income-tax Department can also file an appeal before the Income Tax Appellate Tribunal, High Court and Supreme Court only in those cases where the tax affected in appeal is exceeding certain mandatory limit. An appeal by the Income Tax Department before the High Court can only be filed where the tax effect of appeal exceeds the amount of Rs .......
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Q187) If any eligible investment fund is required to furnish statement or information or documents in respect of its activities in a financial year as per section 9A; fails to furnish such statement/information or documents within the time prescribed of........ days shall be liable to pay by way of penalty a sum of ....... Show Answer

Q188) Prosecution as per section 276CC of the Income Tax Act, 1961 for willful failure to file return of income in time under section 139(1), or in response to notice issued under section 142(1) or section 148 shall not be initiated where the tax payable on regular assessment as reduced by TDS and advance tax does not exceed Show Answer

Q189) A return of income filed by the assessee was found defective by the CPC, Bengaluru. The assessee was intimated of the defect on 02.04.2022. What is the time limit within which the defect has to be rectified by the assessee?
Show Answer

Q190) MNO (P) Ltd filed its return for assessment year 2023-24 on 10.05.2023. State the time limit within which a notice under section 143(2) has to serve on the assessee.
Show Answer

Q191) The income tax assessment under section 143(3) of the Act of Jayant Co. Ltd. was completed by the Deputy Commissioner of Income Tax. Before whom, should Jayant Co. Ltd file its appeal against assessment? Show Answer

Q192) X Co. (P) Ltd. having turnover of 220 lakhs for the previous year ended 31st March, 2023 failed to furnish tax audit report under section 44AB. How much could be levied as penalty on the assessee for the failure to furnish audit report under section 44AB? Show Answer

Q193) As per section 153(1)(b), time limit of completion of assessment in respect of the assessment year relevant to the previous year in which search is conducted under section 132 or requisition is made under section 132A within a period of ...........from the end of the financial year in which the last authorizations for search under section 132 or for requisition under section 132A was executed.
Show Answer

Q194) An appeal against the order passed by the Assessing Officer under section 143(3) read with section 148 of the Income Tax Act can be filed by an aggrieved assessee before the: Show Answer

Q195) The Chief Commissioner or Commissioner or an assessee aggrieved by an order passed by the Appellate Tribunal may file an appeal to the High Court within............of the date on which the order appealed against is received by the Chief Commissioner or Commissioner or by Assessee by precisely stating the substantial questions of law involved in memorandum of appeal.
Show Answer

Q196) The time limit for issue of notice u/s 148, when income in relation to any asset worth 80 lacs located outside India, chargeable to tax has escaped assessment is from the end of the relevant assessment year: Show Answer

Q197) The Assessing Officer while scrutinizing the return of an assessee find under reporting of income for the reason of misreporting of facts of such income and thus levied penalty on such under reported income resulting from misreporting of income. The penalty to be imposed by the A.O. shall be at the rate of tax payable on such misreported income.
Show Answer

Q198) As per section 271G of the Income Tax Act, 1961, when an assessee fails to furnish any information relating to a specified domestic transaction; the quantum of penalty as a percentage of value of the transaction would be:
Show Answer

Q199) A tax payer (an assessee) wants to prefer an appeal against the order of the Assessing Officer. He received the order dated 28th August, 2022 on 8th September, 2022. He must file an appeal before the CIT (Appeals) under section 246A of the Income-tax Act, 1961, as an e-appeal within:
Show Answer

Q200) The requirement of granting the assessee a reasonable opportunity of being heard u/s 127(1) of the Income Tax Act, 1961 is in ......... nature. Show Answer

Q201) Where it is not clear as to whom amongst the two persons has received the income, the Assessing Officer can commence proceedings against both the assessees to determine the question as to who is responsible for paying tax? This assessment is called as: Show Answer

Q202) Which of the following default is not covered under section 276CC of the Income Tax Act, 1961?
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Q203) Highest Administrative Authority for Income Tax in India is: Show Answer

Q204) The first appeal against the order of the Assessing Officer lies with: Show Answer

Q205) The first appeal to Commissioner (Appeals) must be filed in:
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Q206) Appeal may be submitted to Appellate Tribunal by- Show Answer

Q207) The time limit for filing an appeal to the Appellate Tribunal is: Show Answer

Q208) The maximum fee for filing an appeal to Appellate Tribunal is: Show Answer

Q209) The delay in filing appeal or memorandum of cross objection to Appellate Tribunal can:
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Q210) Revision of order not covered by section 263 can be done by the Commissioner:
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Q211) An application for stay of demand to be filed before the Income Tax Appellate Tribunal (ITAT) has to be accompanied by requisite fee of: Show Answer