Belated Income Tax Return Penalty Quiz
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Questions and Answers

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?

  • 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?

  • 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

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