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Income-tax and Corporate Tax Planning - Income Tax and Corporate Tax Planning Section 1

Avatto > > UGC NET COMMERCE > > PRACTICE QUESTIONS > > Income-tax and Corporate Tax Planning > > Income Tax and Corporate Tax Planning Section 1

16. The penalty levied under section 271G cannot be waived by virtue of section 273B even though the taxpayer proves a reasonable cause for failure.

  • Option : B
  • Explanation : By virtue of section 273B penalty under section 271G will not be imposed if the taxpayer proves a reasonable cause for failure.
    Thus, the statement given in the question is false and hence, option (b) is the correct option.
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17. Income tax is collected on all types of income except___________.

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18. The Income Tax Act came into force from ____________.

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19. The Income Tax Act came into force all over India except____________.

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20. As per the Income Tax Act, 1961, income tax is charged on the income of __________at a rate which is prescribed by the Finance Act of the relevant assessment year.

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Income Tax and Corporate Tax Planning Section 1