BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Optional corporate income tax is a tax imposed in the nature of a penalty to the corporation to prevent the scheme of accumulating income rather than distribute the same to the stockholders for the purpose of avoiding tax on dividends.
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True
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False
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Either A or B
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None of the above
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Explanation:
Detailed explanation-1: -As per section 271H, where a person fails to file the statement of tax deducted/collected at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then he shall be liable to pay penalty under section 271H. Minimum penalty shall be levied of Rs. 10, 000 which can go upto Rs. 1, 00, 000.
Detailed explanation-2: -If undisclosed income is admitted during the course of search and assessee pays tax and interest and files return, a penalty 10% of such undisclosed income is payable. If undisclosed income is not admitted but the same is furnished in the return filed after such search, 20% of such undisclosed income is payable.
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