Income Tax And Corporate Tax - Study Mode

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[#456] Under which of the following situations, the appellate tribunal can rectify the mistake in the order passed by it Under Section 254 (2) of Income Tax Act? 1. If subsequent decision of the Supreme Court/High Court is available on the subject after the appellate tribunal's order. 2. If an assessee apply for rectification of the tribunal's order by raising fresh grounds before the tribunal. 3. If the omission or mistake is on the part of appellate tribunal. 4. If the order is passed by the appellate tribunal under an erroneous impression of fact or law. Select the correct answer:

(A) 1, 2 and 3

(B) 2, 3 and 4

(C) 1, 3 and 4

(D) Both 3 and 4

Correct Answer

(C) 1, 3 and 4

[#457] Assertion (A): Tax evasion is undertaken by employing unfair means. Reason (R): Payment of tax is avoided through illegal means or fraud for tax evasion.

(A) (A) is true and (R) is the correct explanation of (A)

(B) (A) is true, but (R) is not the correct explanation of (A)

(C) Both (A) and (R) are true independently and (R) may be considered as an explanation of (A)

(D) Both (A) and (R) are false

Correct Answer

(A) (A) is true and (R) is the correct explanation of (A)

[#458] Arrange the steps to e-filing of Income Tax Return in correct sequence: 1. Register yourself 2. Verify ITR V 3. Select the requisite form 4. Fill form and upload Choose the correct option from those below:

(A) 1 → 3 → 4 → 2

(B) 1 → 2 → 3 → 4

(C) 1 → 2 → 4 → 3

(D) 3 → 1 → 4 → 2

Correct Answer

(A) 1 → 3 → 4 → 2

[#459] If the taxable income of a domestic company for the Assessment Year 2011-12 is Rs. 9,00,000, its tax liability will be

(A) Rs. 2,76,800

(B) Rs. 2,78,100

(C) Rs. 3,70,800

(D) Rs. 3,70,880

Correct Answer

(B) Rs. 2,78,100

[#460] Tax planning is honest and right approach to attain the maximum benefit of taxation laws within its framework only. Objectives of tax planning are: 1. Productive investment 2. Un-healthy growth of economy 3. Minimisation of litigation 4. Increase in tax liability.

(A) 1, 2 and 3

(B) 1 and 3

(C) 1, 2 and 4

(D) 1, 2, 3 and 4

Correct Answer

(B) 1 and 3