According to the Income Tax Act, 1961, an Assessee in default is a person who:
Show Hint
- Is deemed to be an assessee for some other person
- A person who has failed to fulfill statutory obligations as per the Income Tax Act
- Is the person liable to pay income tax during an assessment year
- Is the person by whom any tax or other sum of money is payable under this Act
The Correct Option is B
Solution and Explanation
Under Section 201 of the Income Tax Act, an ”Assessee in Default” refers to a person or entity who fails to deduct or deposit tax at the source or does not comply with other statutory requirements. For example, if an employer does not deduct TDS on salaries or fails to deposit the same with the government, they are deemed an assessee in default.
Top CUET PG Commerce Questions
- "Every person dealing with the company is presumed to have read the memorandum and articles of associations and understood them in their true perspective, irrespective of the fact whether one has actually read them or not." The underlying doctrine in this regard is known as
- Which of the following lays down that the affairs of the company are conducted perfectly consistent with the articles of association of the company, consequently the persons dealing with them are not to be affected by any irregularity which might have taken place in the management of the company?
- Which of the following generative AI applications is considered as the most disruptive?
Match the following committees with their mandates in List I and List II:
- Arrange the following steps involved in the book building process in the correct order:
(A) Determination of issue price, finalization of basis of allotment, issue of prospectus and allotment of shares
(B) Determination of price and asking for bids along with further revision of bids
(C) Submission of RHP and appointment of syndicate members
(D) Planning an IPO/FPO via Book Building and appointment of Lead book runners
Top CUET PG Income Tax Law and Accounts Questions
Match List-I with List-II:
- Which of the following statements are true? (A) Agricultural income earned in India is exempted from tax
(B) Scheme of partial integration is available for individual, HUF, AOP, BOI or artificial judicial person
(C) For partial integration, net agricultural income of the individual assessee during the previous year should not exceed Rs. 5000
(D) For partial integration, non-agricultural taxable income should exceed the exemption limit
- Which of the following statements are correct? (A). A proportional income tax is an automatic stabiliser.
(B). An increase in autonomous spending raises the equilibrium level of income.
(C). As the marginal propensity to consume gets larger, the lower the multiplier will be.
(D). A reduction in transfer payments lowers the output. - Which of the following is not a part of the Circular flow of Income in a closed economy?
Match List-I with List-II:
\[\begin{array}{|l|l|} \hline \textbf{List-I} & \textbf{List-II} \\ \hline \text{(A) Sale of jewelry} & \text{(I) Income from Salary} \\ \hline \text{(B) Pension from former employer} & \text{(II) Capital gain/loss} \\ \hline \text{(C) Salary received from a partnership firm} & \text{(III) Income from other sources} \\ \hline \text{(D) Income from sub-letting of property} & \text{(IV) Profits and gains from business or profession} \\ \hline \end{array}\]
Top CUET PG Questions
- Given below are two statements:
Statement I: For Plato the meaning of the word 'Justice' is basically a conception in the mind only.
Statement II: For Plato the meaning of the word 'Justice' is fixed, mind-independently
In the light of the above statements, choose the correct answer from the options given below: - What is the electron count of OS6CO182-?
- XeF4 hydrolysis gives A + B, HF, and Oxygen. Find A and B
- What is more basic in pyrol and pyridine?
- Hydrolysis of Al2C3, Be2?