Multiple Choice Questions On Filing The Return Of Income
Q1. 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)
Correct answer : (d)
Justification of correct answer :
Under the Income-tax Law, different forms of return of income are prescribed for different classes of taxpayers. The return forms are known as ITR forms (Income-tax Return Forms). Thus, the return of income is to be furnished in ITR 1 – to 7 (as the case may be).
Thus, option (d) is the correct option.
Q2. If is the acknowledgement of filing the return of income.
(a) ITR – 4 (b) ITR – V
(c) Form 26AS (d) Form 26QB
Correct answer : (b)
Justification of correct answer :
ITR – V is the acknowledgement of filing the return of income. Thus, option (b) is the correct option.
Q3. The return of income can be filed with the Income-tax Department in electronic mode only.
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
Return Forms can be filed with the Income-tax Department in any of the following ways, –
- by furnishing the return in a paper form;
- by furnishing the return electronically under digital signature;
- by transmitting the data in the return electronically under electronic verification code;
- by transmitting the data in the return electronically and thereafter submitting the verification of the return in Return Form ITR-V;
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q4. A company can file its return electronically without digital signature.
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
Every company shall furnish the return of income electronically under digital signature. In other words, for corporate taxpayer e-filing with digital signature is mandatory.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q5. A firm or an individual or a Hindu Undivided Family (HUF) whose books of account are required to be audited under section 44AB shall furnish the return of income electronically under digital signature.
(a) True (b) False
Correct answer : (a)
Justification of correct answer :
A firm or an individual or a Hindu Undivided Family (HUF) whose books of account are required to be audited under section 44AB shall furnish the return of income electronically under digital signature. In other words, in such a case, e-filing with digital signature is mandatory.
Thus, the statement given in the question is true and hence, option (a) is the correct option.
Q6. A resident and ordinarily resident individual/HUF having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India shall furnish the return of income electronically with digital signature.
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
A resident and ordinarily resident individual/HUF having any assets (including financial interest in any entity) located outside India or signing authority in any account located outside India shall furnish the return of income electronically with or without digital signature or by using electronic verification code.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q7. Taxpayers with total income of more than Rs. 500000 shall furnish the return of income electronically with or without digital signature or by using electronic verification code. However in a case where digital signature is mandatory return is to be mandatorily digital signed.
(a) 25,00,000 (b) 15,00,000
(c) 10,00,000 (d) 5,00,000
Correct answer : (d)
Justification of correct answer :
Taxpayers with total income of more than Rs. 5,00,000 shall furnish the return of income electronically with or without digital signature.
Thus, option (d) is the correct option.
Q8. ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically).
(a) True (b) False
Correct answer : (a)
Justification of correct answer :
ITR return forms are attachment less forms and, hence, the taxpayer is not required to attach any document (like proof of investment, TDS certificates, etc.) along with the return of income (whether filed manually or filed electronically). However, these documents should be retained by the taxpayer and should be produced before the tax authorities when demanded in situations like assessment, inquiry, etc.
Thus, the statement given in the question is true and hence, option (a) is the correct option.
Q9. A partnership firm required to get its books of account audited shall file the return of income electronically with or without digital signature
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
A person who is required to file ITR – 5 shall file the same electronically with or without digital signature. However, a firm liable to get its accounts audited under section 44AB shall furnish the return electronically under digital signature.
Thus, the statement given in the question is true and hence, option (b) is the correct option.
Q10. Where the return of income is electronically filed without digital signature and without using electronic verification code, then a copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post or courier to “Income-tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengaluru–560100 (Karnataka).
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
Where the return of income is electronically filed without digital signature and without using electronic verification code, then the taxpayer should take two printed copies of Form ITR-V. One copy of ITR-V, duly signed by the taxpayer, is to be sent (within the period specified in this regard, i.e., 120 days) by ordinary post or speed post to “Income- tax Department – CPC, Post Bag No. 1, Electronic City Post Office, Bengalore–560100 (Karnataka). The other copy may be retained by the taxpayer for his record.
It should be noted that aforesaid copy is to be mailed only through ordinary post or speed post and not by courier.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
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