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Tax Laws MCQ on Types of Assessment and Procedure of Various Assessments

1. 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.
(A) 4
(B) 6
(C) 2
(D) 16

2. The time limit for completion of Assessment/Re-assessment under sections 143 and 144 of the Income Tax Act, 1961 is
(A) 24 months from the end of the relevant assessment year
(B) 18 months from the end of the relevant assessment year
(C) 12 months from the end of the relevant assessment year
(D) 9 months from the end of the relevant assessment year 

3. The premises of an assessee within the jurisdiction of an Assessing Officer can be surveyed during business hours by such Income-tax Authority
(A) After sunset and before sunrise
(B) After sunrise but before sunset
(C) Any time during 24 hours
(D) After 11 A.M.

4. 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:
(A) Any intimation under sub-section (1) of section 200A
(B) Any dispute raised by the assessee in respect of an issue having two views
(C) Any order passed by its higher authorities
(D) Any section, if required by law 

5. The time limit prescribed u/s 153 for completion of the regular assessment u/s 143(3) and the best judgment assessment u/s 144 is of months from the end of the assessment year in which the income was first assessable.
(A) 24
(B) 9
(C) 18
(D) 3

6. The time limit for completion of Assessment/Re-assessment under section 147 of the Income Tax Act, 1961 is:
(A) 9 months from the end of the financial year in which notice for re-assessment is served
(B) 6 months from the end of the financial year in which notice for re-assessment is served
(C) 12 months from the end of the financial year in which notice for re-assessment is served
(D) 15 months from the end of the financial year in which notice for re-assessment is served

7. 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:
(A) 30th September 2022
(B) 31st December 2020
(C) 31st March 2022
(D) 31st December 2022

8. 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.
(A) 156
(B) 143(3)
(C) 153
(D) 220

9. 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 :
(A) The order is erroneous
(B) The order is prejudicial to the interest of revenue
(C) When the return has not been filed by the assessee
(D) When both the conditions of (A) and (B) exist

10. 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:
(A) Where the A.O. is not satisfied with the correctness or completeness of the accounts of the assessee
(B) Where the method of accounting has not been regularly followed by the assessee
(C) Where the income has not been computed in accordance with “ICDS” notified by the Central Government u/s 145(2)
(D) Any of the above three or in all the three above situations

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By Team Learning Mantras