McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
ITAT all decisions are taken by majority of member’s, if the Members are equally divided then the final vote will have of |
| A. | President |
| B. | Chairman |
| C. | Assessing officer |
| D. | Majority Of member |
| Answer» A. President | |
| 2. |
For ITAT special powers of stay is available and stay will automatically Get vacated if matter is not decided in time of. |
| A. | 6 months |
| B. | 9 months |
| C. | 12 months |
| D. | 18 months |
| Answer» A. 6 months | |
| 3. |
Assessment under following section is termed as scrutiny assessment |
| A. | 143(3) |
| B. | 144 |
| C. | Both of the above |
| D. | None of the above |
| Answer» A. 143(3) | |
| 4. |
An appeal to the Commissioner of Income-tax (Appeals) shall be filed in Form No. ________. |
| A. | 35 |
| B. | 36 |
| C. | 34C |
| D. | 35B |
| Answer» A. 35 | |
| 5. |
Section ________ specifies the orders against which an appeal can be filed before the Commissioner of Income tax (Appeals). |
| A. | 246A |
| B. | 260A |
| C. | 253 |
| D. | 261 |
| Answer» A. 246A | |
| 6. |
The Commissioner of Income-tax (Appeals) is the ________ appellate authority |
| A. | First |
| B. | Second |
| C. | Third |
| D. | Fourth |
| Answer» A. First | |
| 7. |
There are certain specified financial transactions in which quoting of PAN is mandatory. If a person intending to enter into such transaction does not hold PAN then, he has to furnish; |
| A. | Form 60 |
| B. | Form 49A |
| C. | Form 49C |
| D. | Form 49AA |
| Answer» A. Form 60 | |
| 8. |
Mr. A is not a citizen of India. He wants to apply for PAN in India and he has consulted you to provide him the applicable form for application of PAN. What would be correct Form; |
| A. | Form 49A |
| B. | Form 49B |
| C. | Form 49AA |
| D. | None of above |
| Answer» C. Form 49AA | |
| 9. |
Which of the following can be corrected while processing the return of income under section 143(1)? |
| A. | any arithmetical error in the return |
| B. | any error in the return of income |
| C. | any mistake in the return of income |
| D. | any claim by the taxpayer which is against law |
| Answer» A. any arithmetical error in the return | |
| 10. |
E-filing of return in case of an office of the Government/company and a firm whose accounts are liable to be audited is: |
| A. | mandatory |
| B. | optional |
| C. | mandatory when its income exceeds Rs. `5,00,000 |
| D. | mandatory when its income exceeds Rs. 10,00,00 |
| Answer» A. mandatory | |
| 11. |
The return of income can be filed with the Income-tax Department in electronic mode only. |
| A. | True |
| B. | False |
| Answer» A. True | |
| 12. |
The return of income is to be furnished in |
| A. | ITNS 281 |
| B. | Form 26AS |
| C. | Form 26Q |
| D. | ITR 1 – to 7 (as the case may be) |
| Answer» D. ITR 1 – to 7 (as the case may be) | |
| 13. |
Supreme Courts precedent in binding on |
| A. | Courts |
| B. | Appellate Tribunals |
| C. | Income Tax Authorities |
| D. | All of the above. |
| Answer» D. All of the above. | |
| 14. |
In case the Key man insurance policy is taken in name of any other person any sum received on its maturity by such person shall be taxable under the head - |
| A. | Salaries |
| B. | Profits & Gains of Business or Profession |
| C. | Capital Gains |
| D. | Income from Other Sources |
| Answer» D. Income from Other Sources | |
| 15. |
All companies other than those covered u/s 25 are required to file return of Income in: |
| A. | Form ITR6 |
| B. | Form ITR5 |
| C. | Form ITR4 |
| D. | Form ITR7 |
| Answer» A. Form ITR6 | |
| 16. |
The notice under section 143(2) must be served within: |
| A. | 12 months from the date of filing of return |
| B. | 12 months from the due date of filing the return U/S 139(1) or from the date of filing of return of income |
| C. | 6 months from the end of the financial year in which the return was furnished |
| D. | 6 months from the end of month in which the return was furnished |
| Answer» C. 6 months from the end of the financial year in which the return was furnished | |
| 17. |
The Commissioner of Income-tax (Appeals) is the ________ appellate authority |
| A. | First |
| B. | Second |
| C. | Third |
| D. | Forth |
| Answer» A. First | |
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