Audit Taxation

Q 1. The Commissioner of Income-tax (Appeals) is the ________ appellate authority

(A) First
(B) Second
(C) Third
(D) Forth
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Q 2. 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
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Q 3. 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
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Q 4. 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
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Q 5. Supreme Courts precedent in binding on

(A) Courts
(B) Appellate Tribunals
(C) Income Tax Authorities
(D) All of the above.
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Q 6. 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)
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Q 7. The return of income can be filed with the Income-tax Department in electronic mode only.

(A) True
(B) False
(C) ---
(D) ---
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Q 8. 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
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Q 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
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Q 10. 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
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