Match the items of List - I with List - II : Codes : (a) (b) (c)List - I List - II (a) When the assessee is in default or is deemed to be in default in making payment of tax, including the tax deducted at source (i) Section 271 (1) (c) (b) Failure to pay the advance tax as directed by the Assessing Officer (ii) Section 273 (1) (c) Concealment of particulars of income or furnishing of inaccurate particulars of income (iii) Section 201 (1)
(iii) (ii) (i)
(a) A person who fails to deduct tax at source, or fails to pay the tax deducted to the government, is deemed to be an assessee in default under section 201(1), and is liable to pay that tax with interest and a possible penalty. So (a) matches (iii).
(b) Section 273(1) provided for a penalty where an assessee furnished a false estimate of advance tax or failed to pay advance tax as required, including on a notice from the Assessing Officer. It applies to assessment years up to 1988-89; from 1989-90 such defaults attract interest under sections 234B and 234C instead. So (b) matches (ii).
(c) Section 271(1)(c) imposed a penalty of 100 to 300 percent of the tax sought to be evaded for concealing particulars of income or furnishing inaccurate particulars. It applied in 2015 and was later replaced by section 270A from assessment year 2017-18. So (c) matches (i).
The resulting code is (iii) (ii) (i).
Hence, (iii) (ii) (i).
Similar Questions
Under which of the following situations, the Appellate Tribunal can rectify the mistake in the order passed by it under Sec 254 (2) of Income Tax Act ?
(a) If subsequent decision of the Supreme Court/High Court is available on the subject after the Appellate Tribunal’s order
(b) If an assessee apply for rectification of the Tribunal’s order by raising fresh grounds before the Tribunal
(c) If the omission or mistake is on the part of Appellate Tribunal
(d) If the order is passed by the Appellate Tribunal under an erroneous impression of fact or law
Codes :
Mr. A earned a capital gain of ₹ 100 lakhs on 1-2-2014 from the sale of a long term capital asset (land) within the limits of Jaipur corporation. If he invests ₹ 60 lakhs, out of ₹ 100 lakhs, in Rural Electricity Corporation Bonds approved under Sec. 54 EC in 20-2-2014, what is the amount of exemption he can claim under Sec. 54 EC of Income Tax Act for the AY 2014-15 ?
Which of the following income is not chargeable under the head ‘income from business and profession’ ?
In which of the following cases, Assessing officer has the discretion to assess the income of the previous year in the previous year or in the subsequent assessment year ?
Which of the following are true in tax planning ?
(i) It is futuristic in its approach.
(ii) It has limited scope compared to tax management.
(iii) The benefits arising from it are limited particularly in the short run.
(iv) Its main objective is to reduce the tax liability.
Codes :
Minimum Alternate Tax (MAT) is imposed on
In which of the following long term assets, cost indexation benefit is allowed ?
Long term capital loss can be set off from which of the following ?
In which of the following cases, income of previous year is assessable in the previous year itself ?
Match the following items of List – I and List – II and select the correct answer from the codes given below :
List – I (Sections) List – II (Maximum Deduction) a. Section 80C of I.T. Act i. ₹ 10,000 b. Section 80D of I.T. Act ii. ₹ 40,000 c. Section 80 DDB of I.T. Act iii. ₹ 1,00,000 d. Section 80 TTA of I.T. Act iv. ₹ 15,000 Codes :
a b c d
Important Questions from Income-tax
Tax audit is compulsory in the case of a person carrying on profession and whose gross receipts exceeds which one of the following?
Which are the appropriate tax planning perspectives in case of shutdown or continued decision under the Income Tax Act, of 1961?
A. Business loss and unabsorbed depreciation can be carried forward and set off against profit and gain.
B. The loss-making company and profit-making company may merge to avail of the tax benefit
C. Tax benefit of deduction u/s 33 AB and 115 VT may be withdrawn and liable to tax for the year in which the business is discontinued.
D. The condition of section 80 IB / 80 IC of the Act, a deduction is allowed for such undertaking
E. If a person has more than one business, the loss-making business may not be discontinued.
Choose the most appropriate answer from the options given below:
Which of the following is NOT a change of the new Income Tax bill introduced in the Parliament during February 2025?
What is the basic difference in the aggregates at market price and factor cost?
The ratio of income and expenditure is 9:5. Income increases by 40% and expenditure decreases by 10%. If the initial income is ₹45,000 then the final saving (in ₹) is:
