Returns Flashcards
What is the primary purpose of Section 139 of the Income Tax Act, 1961?
To provide the provisions for filing income tax returns.
True or False: All individuals are required to file income tax returns under Section 139.
False
What is the due date for filing income tax returns for individuals and non-audit cases?
July 31st of the assessment year.
Fill in the blank: Section 140 of the Income Tax Act deals with the ____ of the return.
verification
What section outlines the consequences of not filing a return on time?
Section 234A
What does Section 143 of the Income Tax Act, 1961 pertain to?
Assessment of income tax returns.
What is the time limit for making a best judgment assessment under Section 144?
Within two years from the end of the assessment year.
True or False: Section 148 allows the Income Tax Department to reopen assessments.
True
What is the purpose of Section 154?
To rectify mistakes apparent from the record.
What does Section 246A cover?
Appeals to the Commissioner of Income Tax (Appeals).
What is the maximum time limit to file an appeal under Section 249?
30 days from the date of the order.
Fill in the blank: Section 271(1)(c) deals with ____ for concealment of income.
penalties
What is the role of a ‘return’ under the Income Tax Act?
To declare income and calculate tax liability.
True or False: Section 139(1) mandates filing returns for every resident individual.
False
What is the provision for filing belated returns under Section 139(4)?
Returns can be filed within one year from the end of the relevant assessment year.
What does Section 147 allow?
Assessment or reassessment of income.
What is the time limit for filing a rectification application under Section 154?
Within four years from the date of the order.
What is the significance of Section 245?
It provides for the adjustment of refunds against tax liabilities.
True or False: A taxpayer can appeal against a penalty under Section 271.
True
What is the prescribed form for filing an appeal under Section 253?
Form 35
What does Section 269SS address?
Prohibition of accepting loans or deposits in cash above a specified limit.
Fill in the blank: Under Section 248, an appeal can be filed by a ____ against an order of assessment.
taxpayer
What does Section 271(1)(b) penalize?
Failure to comply with a notice under Section 142.
What is the time frame for filing a revision application under Section 264?
Within one year from the date of the order.
True or False: Section 139(5) allows taxpayers to revise their returns.
True
What is the purpose of Section 139(3)?
To provide for filing returns by a person who is not required to file under Section 139(1).
What is the penalty for failure to file a return under Section 271F?
A penalty of up to ₹5,000.
What section deals with the procedure for submitting an appeal to the Appellate Tribunal?
Section 253
Fill in the blank: Section 274 outlines the ____ for imposing penalties.
procedure
What is the time limit for issuing a notice under Section 143(2)?
Within six months from the end of the financial year in which the return was filed.
True or False: Section 246 allows appeals against orders of assessment only.
False
What does Section 139(9) relate to?
Defective returns and their rectification.
What is the consequence of not responding to a notice under Section 142?
The assessment may be completed based on available information.
Fill in the blank: Section 271(1)(c) can impose a penalty for ____ of income.
concealment
What does Section 280A state about the payment of tax?
It requires payment of tax before filing an appeal.
What is the significance of Section 139(4A)?
It mandates trusts and institutions to file returns.
True or False: All appeals must be filed in the prescribed format as per Income Tax rules.
True
What is the primary function of Section 271D?
To impose penalties for accepting loans or deposits in contravention of Section 269SS.
What does Section 270A address?
Penalties for underreporting of income.
Fill in the blank: Section 253(3) deals with appeals by ____ against orders of the Commissioner.
the taxpayer
What is the time limit for filing an appeal against a penalty order under Section 271?
30 days from the date of the order.
True or False: Section 139(1) applies to all taxpayers uniformly.
False
What does Section 142(1) require from taxpayers?
To furnish information as required by the assessing officer.
Fill in the blank: Section 271(1)(c) may impose penalties up to ____ of the tax sought to be evaded.
300%
