Offences & Penalties – CS Executive Tax Laws MCQs

The Assessing Officer while scrutinizing the return of an assessee finds under-reporting of income for the reason of misreporting of facts of such income and thus levied penalty on such under-reported income resulting from misreporting of income. The penalty to be imposed by the A.O. shall be at the rate of tax payable on such misreported income.

As per section 9A, an eligible offshore investment fund shall furnish within 90 days from the end of the financial year, a statement containing information relating to fulfillment of specified conditions and such other information or documents as may be prescribed. A penalty of to be levied, if the investment fund failed to comply with the requirements as per section 271 FAB.

The maximum amount of penalty for failure to get accounts audited required as per section 44AB of the Act from an accountant is:

The total income of Ram is ₹ 4,90,000 and the due date of filing the return of income for A.Y. 2021-22 is 31st July 2021. The return by Ram shall be filed on 20th September 2021.The late fee payable for late filing of return of income shall be:

Kadam sold vacant land for ₹ 15 lakh on 20th March 2021. The indexed cost of acquisition of the land is ₹ 12,00,000. He received ₹ 3 lakh being part of the sales consideration in cash and the balance through the Electronic Clearance System (ECS).The AO can levy a penalty in such case on Kadam of an amount of:

The maximum penalty leviable for underreporting of income which results from misreporting of income by the assessee is:

The Assessing Officer, while scrutinizing the return of an assessee, finds under-reporting of income for the reason of misreporting of facts of such income.He can levy penalty on such under-reported income resulting from misreporting of income up to taxpayable on such under-reported or misreported income.

ABC Limited has filed its return of income for A.Y. 2021-22 as per section 139(1) but had failed to make the payment of tax on the returned income as per section 140A.The return so filed by ABC Limited shall be treated as:

Finance Act, 2017 has inserted the provision for charging of fees for delay in furnishing the return of income and as per this section, be the amount of fee payable for the return declaring income of ₹ 25 lakh to be filled by ‘X’ on 28th January 2021 instead of the due date of filing of return u/s 139(1) for A.Y. 2021-22:

The amount specified in the notice of demand must be paid within days otherwise the assessee would be treated as assessee in default.

Padmaja Traders a partnership firm with a turnover of ₹ 140 lakhs omitted to get the books of account audited under section 44AB.The amount of penalty leviable for failure to get the accounts audited under section 4AB is:

Penalty for failure to furnish report under section 92E is:

Mr. Raj did not appear before the Assessing Officer in response to a notice issued under section 143(2). He repeatedly absented from appearing before the Assessing Officer.How much could be the quantum of penalty the Assessing Officer could levy on Mr. Rajan for the failure?

As per Section 271 A, failures to keep, maintain or retain books of account would attract a penalty of –

When an assessee fails to furnish any information relating to a specified domestic transaction, the quantum of penalty as a percentage of the value of the transaction would be

Penalty for failure to collect tax at source, as a percentage of tax to be collected is –

The maximum penalty leviable for failure to get accounts audited or to furnish report u/s 44AB is

As per section 234F of the Income-tax Act, 1961 maximum fee for failure to file the return of income before the 31 st day of December of the assessment year is