The 'Updated Return' (ITR-U) can be filed within: MCQ with Answer and Explanation

Question
The 'Updated Return' (ITR-U) can be filed within:
A. 24 months from the end of the relevant assessment year
B. 12 months from the end of the relevant assessment year
C. No time limit
D. 36 months
Answer: Option A
Solution (By JKSSB Mock Tests)
Section 139(8A) allows filing updated return within 24 months from end of assessment year, with additional tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which tax reform introduced the concept of 'One Nation, One Tax'?
A. Value Added Tax (VAT)
B. Fringe Benefit Tax
C. Wealth Tax Abolition
D. Goods and Services Tax (GST)
Discuss
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Correct Answer: Option D

Explanation:
GST integrated multiple indirect taxes across India into a single unified tax structure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following is NOT one of the 5 heads of income under the Income Tax Act?
A. Income from Other Sources
B. Income from Exports
C. Income from Capital Gains
D. Income from Salaries
Discuss
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Correct Answer: Option B

Explanation:
The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Social Accounting primarily benefits:
A. Society at large by disclosing social costs and benefits
B. Government only
C. Competitors
D. Shareholders only
Discuss
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Correct Answer: Option A

Explanation:
It provides information to stakeholders about the social impact of an entity.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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