Mr. X (Resident: 82 years old) having income from salary Rs.48,00,000 and income from other sources Rs.2,50,000 wants to file income tax return. Suggest the proper ITR form and the mode
of filing ITR from the followings:
Correct
Incorrect
Question 2 of 30
2. Question
1 points
Mr. X (Resident: 58 years old) having income from salary Rs.24,00,000, income from two house property Rs.55,000 and income from other sources Rs.70,000 wants to file income tax return. Suggest the proper ITR form and the mode of filing ITR from the following
Correct
Incorrect
Question 3 of 30
3. Question
1 points
Mr. Y (Non-Resident:32 years old) having salary income Rs.12,00,000, business income Rs.5,00,000 and income from other sources Rs.15,000 wants to file income tax return. Suggest the ITR form from the following:
Correct
Incorrect
Question 4 of 30
4. Question
1 points
M/s. C P J & Associates LLP Chartered Accountants (Resident) having income from profession Rs.25,00,000 (not opted for section 44ADA) and income from other sources Rs.59,000 wants to
file income tax return. Suggest the ITR form from the following:
Correct
Incorrect
Question 5 of 30
5. Question
1 points
M/s. J K P Spaces, a partnership firm (Resident) having income from business Rs.13,50,000 (not opted for section 44AD) and income from other sources Rs.12,000 wants to file income tax return. Suggest the ITR form from the following :
Correct
Incorrect
Question 6 of 30
6. Question
1 points
Zigzag Ceramics Private Limited having income from business Rs.59,00,000 and income from other sources Rs.1,39,000 wants to file income tax return. Suggest the proper ITR form and the
mode of filing return from the following:
Correct
Incorrect
Question 7 of 30
7. Question
1 points
Identify 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?
Correct
Incorrect
Question 8 of 30
8. Question
1 points
Identify 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?
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Identify 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?
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Identify 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)?
Correct
Incorrect
Question 11 of 30
11. Question
1 points
The return of income is to be furnished in Form No. _______
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Question 12 of 30
12. Question
1 points
_______ is the acknowledgement of filing the return of income.
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Question 13 of 30
13. Question
1 points
Taxpayers with total income of more than Rs. _______ 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.
Correct
Incorrect
Question 14 of 30
14. Question
1 points
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 or Chapter VIA (i.e. deduction under section 80C to 80U), exceeds ________
Correct
Incorrect
Question 15 of 30
15. Question
1 points
Where the karta of a HUF is absent from India, the return of income can be signed by:
Correct
Incorrect
Question 16 of 30
16. Question
1 points
Where assessment has not been completed, belated return for the assessment year 2019-20 can be filed upto
Correct
Incorrect
Question 17 of 30
17. Question
1 points
Identify the ITR No. applicable to an individual having business income
Correct
Incorrect
Question 18 of 30
18. Question
1 points
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.
Correct
Incorrect
Question 19 of 30
19. Question
1 points
As per section 140A(1) any tax due (after allowing credit for TDS, advance tax, etc.) along with interest under section 234A, 234B and 234C (if any) and fee should be paid before filing the return of income. Tax paid under this section is known as _________.
Correct
Incorrect
Question 20 of 30
20. Question
1 points
The return filed under section _____________ is called original return.
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Incorrect
Question 21 of 30
21. Question
1 points
The return filed under section _____________ is called belated return.
Correct
Incorrect
Question 22 of 30
22. Question
1 points
The return filed under section _____________ is called revised return.
Correct
Incorrect
Question 23 of 30
23. Question
1 points
Return filed under section_________ can be revised u/s 139(5).
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Incorrect
Question 24 of 30
24. Question
1 points
Return filed under section_________ can be revised u/s 139(5).
Correct
Incorrect
Question 25 of 30
25. Question
1 points
______ shall furnish return of income irrespective of income or loss.
Correct
Incorrect
Question 26 of 30
26. Question
1 points
Furnishing of return of income is not mandatory for _______________
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Having filed return, if assessee discovers an omission or wrong statement therein, he can furnish return under section _________
Correct
Incorrect
Question 28 of 30
28. Question
1 points
Section __________ deals with the defective retrun.
Correct
Incorrect
Question 29 of 30
29. Question
1 points
If assessee fails to rectify the defects pointed out within 15 days of such intimation or extended time then such return shall be treated as __________ retrun.
Correct
Incorrect
Question 30 of 30
30. Question
1 points
In case of Limited Liability partnership firm, the return of income shall be verified by__________
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Income Tax Return
Income Tax Return is a form which is used to file the income tax with the Income Tax Department.
Income Tax Return contains information of income and tax paid of an assessee is called Income Tax Return.
Forms for Income Tax Returns such as ITR 1, ITR 2, ITR 3, ITR 4S, ITR 5, ITR 6 and ITR 7
The advantages of filing for Income Tax Return are:
Loans: Bank loans like education loans, vehicle loans, personal loans, can be availed easily as they require last three year’s IT returns.
Visa: As Immigration centres scrutinize many documents and IT returns proofs is a mandatory document for visa applicants.
Avoid penalties: Hefty amounts would be charged for non-filing of income tax returns and hence it is always better to file it to avoid legal repercussions.
How to file your income tax return online?
To file your IT returns, gather all documents like bank statements, last year’s return and Form 16
Log on to www.incometaxindiaefiling .gov.in.
Register at the website using the PAN number. It becomes your ID.
View Form 26AS. It shows the tax deducted by the employer. The TDS on Form 16 should match this amount.
Download the ITR Form that is applicable to you. If you do not know the right form, consult Vakilsearch.
Complete the entire form by filling in the required details and then submit it.
Click the Calculate Tax button, to know your payable amount.
If applicable, pay the required tax.
Enter the challan details on the tax return section of the form.
July 31: A firm or individuals who are not liable for audit.
September 30: A company or other who is liable to audit.
March 31: All individuals and companies filing belated returns.
Documents required for Income Tax Filing in India
To fulfill IT filing in India, the following documents are necessary:
Bank statements
Proof of investments
T.D.S. Certificates in Form 16 or 16A as applicable
Documents on purchase and sale of investments/assets
Challan of tax paid such as advance tax or self-assessment tax
If PAN is applied but not received, a copy of filed PAN application and its acknowledgment
In case not applied for PAN, a PAN application form duly filled in and two passport size photographs
For businesses – a copy each of the audit report, balance sheet, trading, profit and loss account, personal account of proprietor or partners
Statement of receipts and payments when no regular books are maintained
Receipts of payment of insurance premium, provident purchase of NSCs, new equity shares, mutual fund, NSS, donations, etc. to support claimed deductions