MCQ On Return Of Income
Q1. Every person, being a company, has to file its return of income only if it has any positive income or if it wants to carry forward the loss (if any).
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
Every person, being a company, has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every company to file the return of income irrespective of its income or loss.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q2. Every person, being a partnership firm (including Limited Liability Partnership), has to file its return of income compulsorily, irrespective of its income being profit or loss.
(a) True (b) False
Correct answer : (a)
Justification of correct answer :
Every person, being a partnership firm (including Limited Liability Partnership), has to file its return of income compulsorily, irrespective of its income being profit or loss. In other words, it is mandatory for every company to file the return of income irrespective of its income or loss.
Thus, the statement given in the question is true and hence, option (a) is the correct option.
Q3. Every individual/HUF/AOP/BOI/artificial juridical person has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds
(a) Rs. 2,00,000 (b) Rs. 2,50,000
(c)Rs. 5,00,000 (d) The maximum amount not chargeable to tax
Correct answer : (d)
Justification of correct answer :
Every individual/HUF/AOP/BOI/artificial juridical person has to file the return of income if his total income (including income of any other person in respect of which he is assessable) without giving effect to the provisions of section 10(38), 10A, 10B or 10BA or Chapter VIA (i.e., deduction under section 80C to 80U), exceeds the maximum amount not chargeable to tax i.e. exceeds the exemption limit.
Thus, option (d) is the correct option.
Q4. Every person in receipt of income derived from property held under charitable or religious trusts/legal obligations or in receipt of income being voluntary contributions referred to in section 2(24)(iia), has to file the return of income if its total income after giving effect to the provisions of sections 11 and 12 exceeds the maximum amount not chargeable to income-tax.
(a) True (b) False
Correct answer : (b)
Justification of correct answer :
Every person in receipt of income derived from property held under charitable or religious trusts/legal obligations or in receipt of income being voluntary contributions referred to in section 2(24)(iia), has to file the return of income if its total income without giving effect to the provisions of sections 11 and 12 exceeds the maximum amount not chargeable to income-tax.
Thus, the statement given in the question is false and hence, option (b) is the correct option.
Q5. The Chief Executive Officer of every political party has to file the return of income of the party if the total income of the party without giving effect to the provisions of section exceeds the maximum amount not chargeable to income-tax.
(a) 11 (b) 12
(c) 13 (d) 13A
Correct answer : (d)
Justification of correct answer :
The Chief Executive Officer of every political party has to file the return of income of the party if the total income of the party without giving effect to the provisions of section 13A exceeds the maximum amount not chargeable to income-tax.
Thus, option (d) is the correct option.
Q6. What is the due date of filing the return of income in case of a company other than a company who is required to furnish a report in Form No. 3CEB under section 92E?
(a) September 30 of the assessment year (b) November 30 of the assessment the year
(c) July 31 of the assessment year (d) June 30 of relevant assessment the year
Correct answer : (a)
Justification of correct answer :
The due date of filing the return of income in case of a company other than a company who is required to furnish a report in Form No. 3CEB under section 92E is September 30 of the assessment year.
Thus, option (a) is the correct option.
Q7. What is the due date of filing the return of income in case of a person who is required to furnish a report in Form No. 3CEB under section 92E?
(a) September 30 of the assessment year (b) November 30 of the assessment the year
(c) July 31 of the assessment year (d) June 30 of relevant assessment the year
Correct answer : (b)
Justification of correct answer :
The due date of filing the return of income in case of a person who is required to furnish a report in Form No. 3CEB under section 92E is November 30 of the assessment year
Thus, option (b) is the correct option.
Q8. What is the due date of filing the return of income in case of a person other than a company whose accounts are not required to be audited under the Income-tax Law or under any other law?
(a) September 30 of the assessment year (b) November 30 of the assessment the year
(c) July 31 of the assessment year (d) June 30 of relevant assessment the year
Correct answer : (c)
Justification of correct answer :
The due date of filing the return of income in case of a person other than a company whose accounts are not required to be audited under the Income-tax Law or under any other law is July 31 of the assessment year.
Thus, option (c) is the correct option.
Q9. What is the due date of filing the return of income in case of a person whose accounts are to be audited under the Income-tax Law or under any other law (other than a person who is required to furnish a report in Form No. 3CEB under section 92E)?
(a) September 30 of the assessment year (b) November 30 of the assessment the year
(c) July 31 of the assessment year (d) June 30 of relevant assessment the year
Correct answer : (a)
Justification of correct answer :
The due date of filing the return of income in case of a person whose accounts are to be audited under the Income-tax Law or under any other law (other than a person who is required to furnish a report in Form No. 3CEB under section 92E) is September 30 of the assessment year.
Thus, option (a) is the correct option.
Q10. If a person fails to file the return of income within the time-limit prescribed in this
regard, then as per section 139(4) he can file a belated return. A belated return can be filed before the end of the relevant assessment year or before completion of assessment, whichever is earlier.
(a) True (b) False
Correct answer : (a)
Justification of correct answer :
Thus, the statement given in the question is true and hence, option (a) is the correct option.
