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B Com Exam  >  B Com Tests  >  Test: Assessment Procedure - B Com MCQ

Test: Assessment Procedure - B Com MCQ


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10 Questions MCQ Test - Test: Assessment Procedure

Test: Assessment Procedure for B Com 2024 is part of B Com preparation. The Test: Assessment Procedure questions and answers have been prepared according to the B Com exam syllabus.The Test: Assessment Procedure MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Assessment Procedure below.
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Test: Assessment Procedure - Question 1
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What is the primary purpose of filing an Income Tax Return (ITR)?

Detailed Solution for Test: Assessment Procedure - Question 1
Filing an Income Tax Return (ITR) serves the purpose of reporting the income earned by individuals or businesses during the year and calculating their tax liability. This includes income from various sources such as wages, dividends, interest, capital gains, etc. The ITR provides a clear picture of an individual's financial transactions to the government and helps in determining the amount of tax that needs to be paid or refunded.
Test: Assessment Procedure - Question 2
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Which type of ITR form is used by individuals earning income through salary, pension, and income from a single housing property?

Detailed Solution for Test: Assessment Procedure - Question 2
Individuals earning income through salary, pension, and income from a single housing property use ITR-1, also known as the Sahaj form. This form is designed for simple income scenarios without multiple sources of income or complex financial activities.
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Test: Assessment Procedure - Question 3
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What type of penalty is levied if an individual files an Income Tax Return (ITR) after the due date but before 31 December of the assessment year?

Detailed Solution for Test: Assessment Procedure - Question 3
If an individual files the ITR after the due date but before 31 December of the assessment year, a penalty of Rs 5,000 is levied. This penalty increases if the ITR is filed later in the year.
Test: Assessment Procedure - Question 4
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Which type of ITR form should a taxpayer use if they earn income from a business or profession without any income limit?
Detailed Solution for Test: Assessment Procedure - Question 4
Taxpayers earning income from a business or profession without any income limit should use ITR-4. This form is applicable to various types of businesses, professions, and income sources, allowing taxpayers to include diverse income streams.
Test: Assessment Procedure - Question 5
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What is the primary purpose of the e-Verification process in the e-Filing of Income Tax Returns (ITRs)?
Detailed Solution for Test: Assessment Procedure - Question 5
The primary purpose of the e-Verification process in the e-Filing of ITRs is to validate the details provided in the ITR. This process ensures the accuracy of the information before the return is considered complete and further processed by the Income Tax Department.
Test: Assessment Procedure - Question 6
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Under which section of the Income Tax Act is a taxpayer required to file a belated return?
Detailed Solution for Test: Assessment Procedure - Question 6
A taxpayer is required to file a belated return under Section 139(4) of the Income Tax Act if they fail to furnish the return of income within the due date specified under Section 139(1) or after receiving a notice under Section 142(1).
Test: Assessment Procedure - Question 7
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Which e-Verification option is suitable for taxpayers who have an Electronic Verification Code (EVC) and want to use it to verify their Income Tax Return (ITR)?
Detailed Solution for Test: Assessment Procedure - Question 7
Taxpayers who already have an Electronic Verification Code (EVC) and want to use it to verify their ITR should select the option "I already have an EVC to e-Verify the return."
Test: Assessment Procedure - Question 8
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What is the purpose of filing a Loss Return under the Income Tax Act?
Detailed Solution for Test: Assessment Procedure - Question 8
The purpose of filing a Loss Return under the Income Tax Act is to carry forward losses incurred in a financial year. These losses can be set off against future gains in subsequent years, helping taxpayers reduce their tax liability in the long run.
Test: Assessment Procedure - Question 9
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What is the primary purpose of e-Filing Income Tax Forms other than Income Tax Returns?
Detailed Solution for Test: Assessment Procedure - Question 9
The primary purpose of e-Filing Income Tax Forms other than Income Tax Returns is to submit details of financial transactions and information required for tax assessment. These forms help the Income Tax Department gather comprehensive information about the taxpayer's financial activities.
Test: Assessment Procedure - Question 10
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Which type of ITR form is used by companies, firms, and entities engaged in charitable or religious activities?
Detailed Solution for Test: Assessment Procedure - Question 10
Companies, firms, and entities engaged in charitable or religious activities should use ITR-7 to file their Income Tax Returns. This form is designed to capture the specific details and information required from such entities under various sections of the Income Tax Act.
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