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CA Final Undisclosed Income and Assets, Penalties, Offences and Prosecution — practice questions — page 2

Explore 52 free Undisclosed Income and Assets, Penalties, Offences and Prosecution questions in CA Final Taxation. Open each question or exercise to read its content, reference answers and available explanation.

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Undisclosed Income and Assets, Penalties, Offences and Prosecution questions and exercises with answers

Showing questions 31–52 of 52.

Section 271AAB(1A) applies to searches initiated on or after which date?Read the answer and worked solution →Under 271AAB(1A), the lower penalty is what share of undisclosed income?Read the answer and worked solution →Finance Act 2022 extended the section 68 lender explanation to which credit?Read the answer and worked solution →Which Act of 2015 deals with undisclosed foreign income and assets of Indian residents?Read the answer and worked solution →Black Money Act penalty for default in paying tax arrears equals what?Read the answer and worked solution →Failure to file a return of foreign assets under the Black Money Act attracts a penalty of how much?Read the answer and worked solution →No Black Money Act penalty applies if the aggregate balance in foreign bank accounts is below what amount?Read the answer and worked solution →Who originally gets the opportunity to declare undisclosed assets under the Black Money Act?Read the answer and worked solution →How are deductions treated in computing tax under the Black Money Act?Read the answer and worked solution →Contravening an order on seized assets is punishable under which section?Read the answer and worked solution →Failure to pay tax deducted at source to the government is punishable under which section?Read the answer and worked solution →Failure to produce accounts under section 142(2A) draws imprisonment up to what?Read the answer and worked solution →False entries or statements in accounts under section 277A are punishable with what imprisonment?Read the answer and worked solution →Enhanced punishment for repeat offences under section 278A is imprisonment of what range?Read the answer and worked solution →Unauthorised disclosure of information by a public servant is punishable under which section?Read the answer and worked solution →For section 278B, the expression 'company' includes which of these?Read the answer and worked solution →Under section 278C, who is deemed guilty of an offence committed by a Hindu undivided family?Read the answer and worked solution →Section 278E raises a presumption of what, unless the accused proves otherwise?Read the answer and worked solution →Prosecution for income tax offences cannot be initiated without approval under which section?Read the answer and worked solution →No punishment is imposed for failures under sections 276B or 276BB if the person proves what?Read the answer and worked solution →Non-compliance with search and seizure provisions is punishable under which section, up to 2 years?Read the answer and worked solution →Public servants are restricted from disclosing specified information under which section?Read the answer and worked solution →

Worked practice questions

Section 271AAB(1A) applies to searches initiated on or after which date?

  1. 1 June 2007
  2. 1 July 2012
  3. 15 December 2016
  4. 1 April 2017
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Correct answer: C. 15 December 2016

Searches begun on or after 15 December 2016 fall under 271AAB(1A), with 30 or 60 percent penalty rates.

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Under 271AAB(1A), the lower penalty is what share of undisclosed income?

  1. 10 percent
  2. 20 percent
  3. 30 percent
  4. 40 percent
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Correct answer: C. 30 percent

If the assessee admits the income, pays tax and files a return declaring it, the penalty is 30 percent of the undisclosed income.

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Finance Act 2022 extended the section 68 lender explanation to which credit?

  1. Gifts from relatives
  2. Sales proceeds
  3. Loan or borrowing
  4. Dividend receipts
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Correct answer: C. Loan or borrowing

From AY 2023-24, a sum credited as a loan or borrowing also needs an explanation of nature and source by the person in whose name it is recorded.

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