Income Tax And Corporate Tax Planning Practice

Topics

Income Tax
- Depreciation
- ITR Filing

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ITR Filing : Income Tax And Corporate Tax Planning MCQ Practice Questions & Answers (English) - ObjectiveMcq

Income Tax And Corporate Tax Planning Practice

All Practice

Topics

Income Tax
- Depreciation
- ITR Filing

PracticeIncome Tax And Corporate Tax PlanningIncome TaxITR Filing

ITR Filing in Income Tax And Corporate Tax Planning : Practice MCQ Questions & Answers with Explanations

1 practice sets · Page 1 of 1

Income Tax And Corporate Tax PlanningEasyIncome TaxITR Filing

According to the budget, if a person wants to update his income in tax filings, how many years will he have?

1 Year

2 Years

3 Years

4 Years

Correct Answer:

(B) 2 Years

Explanation:

The correct answer is 2 Years. The proposed law allows taxpayers to update their ITR up to 2 years from the end of the relevant assessment year if they missed including any income. An additional tax of 25%–50% on the tax and interest due on the additional income is payable. This is proposed via a new sub-section (8A) in Section 139 of the Income-tax Act, 1961.