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Questions and Answers
Which one of the following is a disadvantage of filing a belated income tax return?
Which one of the following is a disadvantage of filing a belated income tax return?
- Losses from house property cannot be carried forward
- Penalty of up to Rs 5,000 is applicable
- Income tax department may issue a notice
- Deductions or exemptions are not available (correct)
What is the penalty for filing a belated income tax return under Section 234F of the Income Tax Act, 1961?
What is the penalty for filing a belated income tax return under Section 234F of the Income Tax Act, 1961?
- Up to Rs 1,000
- Up to 200% of the tax payable
- Up to Rs 5,000 (correct)
- No penalty
What happens if a taxpayer under-reports the income while filing a belated income tax return?
What happens if a taxpayer under-reports the income while filing a belated income tax return?
- A penalty of up to 200% of the tax payable will be levied (correct)
- No penalty will be levied
- The assessing officer may excuse the penalty
- Legal action will be taken
