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Income-tax and Corporate Tax Planning MCQ - 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.

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.

17 Income tax is collected on all types of income except___________.

18 The Income Tax Act came into force from ____________.

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

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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Question:

__________________of Income Tax Act is related to residential status.

A. Section 2
B. Section 6
C. Section 5
D. Section 4

Correct answer: B

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