What is the maximum penalty for late filing of an Income Tax Return (ITR) under section 234F for a person with income above Rs 5 lakhs? MCQ with Answer and Explanation

Question
What is the maximum penalty for late filing of an Income Tax Return (ITR) under section 234F for a person with income above Rs 5 lakhs?
A. Rs 1,000
B. Rs 50,000
C. Rs 10,000
D. Rs 5,000
Answer: Option D
Solution (By JKSSB Mock Tests)
Currently, the maximum penalty under section 234F for delayed filing is Rs 5,000 (Rs 1,000 if total income is under 5 lakhs).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
The 'Independence' of auditor means:
A. Auditor is a relative of management
B. Auditor is free from any influence that could compromise professional judgment
C. Auditor can take loan from client
D. Auditor can hold shares in the client company
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Correct Answer: Option B

Explanation:
Independence in mind and appearance is fundamental to audit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The Central Board of Direct Taxes (CBDT) functions under which department of the Ministry of Finance?
A. Department of Economic Affairs
B. Department of Financial Services
C. Department of Revenue
D. Department of Expenditure
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Correct Answer: Option C

Explanation:
CBDT handles direct tax administration and forms part of the Department of Revenue.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Residential status under the Income Tax Act depends primarily on:
A. Citizenship of the individual
B. Location of assets owned
C. Physical presence (number of days) in India during the previous year
D. Place of birth
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Correct Answer: Option C

Explanation:
An individual's residential status for tax purposes is determined by their period of stay in India during the relevant financial year, irrespective of citizenship.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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