Types of Assessment & Procedure of Various Assessments – CS Executive Tax Laws MCQs

The Commissioner of Income-tax can call for the records of an assessee and by virtue of powers conferred under the Act can make the revision of the order passed by the Assessing Officer after giving an opportunity of being heard to the assessee. Such pow¬ers can be invoked by the CIT, when :

The Assessing Officer can complete the assessment under section 144 of the Act even though there is no failure on the part of the assessee under section 139(1), 139(4), 139(5), 142(1), 142(2A) or 143(2) of the Act. Such powers by the A.O. may be exercised in which of the following situations:

The premises of an assessee within the jurisdiction of an Assessing Officer can be surveyed during business hours by such Income-tax Authority

Wherever any tax, interest, penalty, or another sum under the I.T. Act is payable, the Assessing Officer has to serve upon the assessee a notice of demand as per Rules 15 and 38 under the section of the I.T. Act, 1961.

The time limit for completion of Assessment/Re-assessment under section 147 of the Income Tax Act, 1961 is:

X filed his return of income for the A.Y. 2021-22 on 31st July 2021. The return so filed was selected for scrutiny assessment. The notice under section 143(2) for making scrutiny assessment can be served by:

An income-tax authority referred to in section 116 of the Income Tax Act, 1961 may amend with a view to rectifying any mistake apparent from the records in respect of:

Notice for assessment or re-assessment of the escaped income of non-resident cannot be issued to the statutory agent of the non-resident after the expiry of years from the end of the relevant Blank assessment year.

The time limit for completion of Assessment/Re-assessment under sections 143 and 144 of the Income Tax Act, 1961 is

The assessee can file an application for rectification of mistake as per Section 154 of the Act when it is(i) a mistake of fact(ii) a mistake of law(iii) glaring obvious or apparent from the records(iv) a decision on a debatable point of law

The self-assessment tax computed u/s 140A by an individual assessee is ₹ 1,50,000 which includes ₹ 15,000 as interest for late filing of return as per Section 234A. The assessee has deposited ₹ 75,000 as self-assessment tax. In this case:

The AO can complete the assessment u/s 144 of the Act even though there is no failure on the part of assessee u/s 139(1), 139(4), 139(5), 142(1), 142(2A), or 143(2) of the Act. Such powers by the AO may be exercised in the following situations:

The time limit prescribed u/s 153 for completion of the regular assessment u/s 143(3) and the best judgmentvassessment u/s 144 is of months from the end of the assessment year in which the income was first assessable.

The assessment of Julie (Pvt.) Ltd. under Section 143(3)for the assessment year 2021-22 was completed on 12th October 2022. The notice of demand was served on 27th October 2022. The assessee has to file an appeal before the Commissioner (Appeals) within