Final PN-15 DIT Quiz 1

1. Countries that employ explicit policies designed to attract international trade oriented activities by minimization of taxes and reduction or elimination of other restrictions on business operations is described as         .

2. In the year of restructuring, depreciation shall be:

3. In case of amalgamation, eligible loss of amalgamating company shall be available to the amalgamated company for:

4. Principal Commissioner or Commissioner of Income-tax is empowered to grant relief from penalty to taxpayers in genuine cases. Such power is granted under section 273A and section                 .

5. If the amount of income in respect of which the penalty is imposed or imposable for the relevant year(s) exceeds Rs.              , then no order reducing or waiving the penalty under section 273A(1) shall be made by the Principal Commissioner or Commissioner, except with the previous approval of the Principal Chief Commissioner or Chief Commissioner or Principal Director General or Director General, as the case may be.

6. If during any proceeding, it is found that in the books of account maintained by any person there is a false entry or an omission of any entry which is relevant for computation of total income of such person, to evade tax liability, penalty u/s 271AD or Rs.                 is levied

7. If a person fails to comply with the provisions relating to PAN (i.e. obtaining PAN, quoting PAN, etc.), then penalty can be levied under section          

8. Prosecution can be launched and the taxpayer can be punished if he commits wilful failure to produce before the tax authorities the accounts and documents as demanded u/s               .

9. Where revision u/s 264 has been initiated by the assessee, the application must be made within            from the date on which the order in question was communicated to the assessee or the date on which he otherwise came to know of it, whichever is earlier.

10. Assessing Officer or the assessee, as the case may be, on receipt of notice that an appeal against the order of the Commissioner (Appeals) has been fi led by the other party, may fi le a memorandum of cross objection with the Tribunal in Form                and within               days of receipt of notice that appeal has been filed by the other party.

11. Provisions relating to advance ruling are provided in sections               .

12. The Joint Commissioner of Income-tax (Appeals) is the             appellate authority

13. An appeal to the Commissioner of Income-tax (Appeals) shall be fi led in Form No.       .

14. In case of an application made by the assessee u/s 154, the income- tax authority shall rectify the order/refuse the rectification within

                    from the end of the month in which the application is received by the authority.

15. Any mistake which is apparent from the record in any order passed by the Assessing Officer can be rectified under section     .

16. When an assessee has paid advance tax more than the tax due on the returned income and the return is fi led before the ‘due date’ specifi ed in section 139(1), the refund amount is eligible for interest @ —

17. Assessment under following section is termed as scrutiny assessment

18. Return filed under following sections can be revised u/s 139(5):

19. One of the following, can be carried forward even return of income is filed after due date:

20. What is the due date of filling the return of income in case of a company who is required to furnish a report in Form No. 3CEB under section 92E?

21. While computing book profi t u/s 115JB, one of the following is required to be reduced from the net profit:

22. Every company to whom the provisions of MAT apply is required to obtain a report from a chartered accountant in Form No.     on or before the due date of filing the return of income.

23. Book profit for the purposes of section 115JB means net profit as shown in the Statement of the Profit and Loss prepared in accordance with       of the Companies Act as increased and decreased by certain items prescribed in this regard.

24. MAT shall not apply to any income accruing or arising to a company from:

25. As per section 115JB, every taxpayer being a company is liable to pay MAT, if the Income tax payable on the total income, computed as per the provisions of the Income-tax Act in respect of any year is less than .