Top 150+ Solved Audit Taxation MCQ Questions Answer
Q. The Commissioner of Income-tax (Appeals) is the ________ appellate authority
a. First
b. Second
c. Third
d. Fourth
Q. There are certain specified financial transactions in which quoting of PAN is mandatory. If a person intending to enter into such transaction does not hold PAN then, he has to furnish;
a. Form 60
b. Form 49A
c. Form 49C
d. Form 49AA
Q. Mr. A is not a citizen of India. He wants to apply for PAN in India and he has consulted you to provide him the applicable form for application of PAN. What would be correct Form;
a. Form 49A
b. Form 49B
c. Form 49AA
d. None of above
Q. Which of the following can be corrected while processing the return of income under section 143(1)?
a. any arithmetical error in the return
b. any error in the return of income
c. any mistake in the return of income
d. any claim by the taxpayer which is against law
Q. E-filing of return in case of an office of the Government/company and a firm whoseaccounts are liable to be audited is:
a. mandatory
b. optional
c. mandatory when its income exceeds Rs. `5,00,000
d. mandatory when its income exceeds Rs. 10,00,00
Q. In case the Key man insurance policy is taken in name of any other person any sumreceived on its maturity by such person shall be taxable under the head -
a. Salaries
b. Profits & Gains of Business or Profession
c. Capital Gains
d. Income from Other Sources
Q. All companies other than those covered u/s 25 are required to file return of Incomein:
a. Form ITR6
b. Form ITR5
c. Form ITR4
d. Form ITR7
Q. The notice under section 143(2) must be served within:
a. 12 months from the date of filing of return
b. 12 months from the due date of filing the return U/S 139(1) or from the date of filing of return of income
c. 6 months from the end of the financial year in which the return was furnished
d. 6 months from the end of month in which the return was furnished
Q. The Commissioner of Income-tax (Appeals) is the ________ appellate authority
a. First
b. Second
c. Third
d. Forth