ITR, Income Tax - GS questions based on daily current affairs

1)   Who is a willful defaulter?

a. One who has not paid taxes
b. One who is not paying the bank debt back
c. One who can pay the debt but is still defaulting on payment
d. None of the above
Answer  Explanation 

ANSWER: One who can pay the debt but is still defaulting on payment

Explanation:

  • It is an entity that can is defaulting on its payment even if it an pay back the debt.
  • In an attempt to tighten the regulatory framework, the Securities and Exchange Board of India (SEBI) has barred ‘wilful defaulters’ from accessing the capital market or acquiring another listed entity.
  • The capital and commodity market regulator has decided that if a listed entity or its promoter has been declared a wilful defaulter, it will not be allowed to make a public issue of equity shares, debt or any other convertible securities.
  • The guidelines for determining ‘fit and proper person’ will also be amended to keep such wilful defaulters out of its ambit.
  • Any company or its promoter or director categorised as willful defaulter may not be allowed to take control of other listed entity. However, if a listed company or its promoter or its director is categorised as willful defaulter, and there is a take-over offer in respect of the listed company, they may be allowed to make a competing offer.
2)   To popularise electronic mode of ITRs filing, CBDT is planning to provide the following:

a. “Pre-filled” return forms to filers which will have an automatic upload of data on income and other vitals of a taxpayer
b. Online verification of an ITR by using either the Aadhaar number, Internet banking, ATM among others.
c. Both of the above
d. None of the above
Answer  Explanation 

ANSWER: Both of the above

Explanation:
No explanation is available for this question!
3)   For which of the following Income Tax Department has to open special return counters?

a. Defence Personnel, Salaried Tax Payers & Pensioners
b. Salaried Tax Payers, Defence Personnel & Differently-abled Persons
c. Pensioners, Salaried Tax Payers & Differently-abled Persons
d. Salaried Tax Payers, Pensioners & Differently-abled Persons
Answer  Explanation 

ANSWER: Salaried Tax Payers, Pensioners & Differently-abled Persons

Explanation:
Salaried tax payers and pensioners with annual income upto five lakh rupees and with no refund claim can file their returns at these counters upto 31st Aug’15. However, the income limit of 5 lakh rupees and no claim refund provision will not apply to tax payers over the age of 80 years deriving salary or pension income. There will be special facilitation counters for senior citizens and differently - abled persons. An official release said similar facilitation counters are being set up in other metro cities based on the local requirements.
4)   For which of the following,  Income Tax Department has to open special return counters?

a. Defence Personnel
b. Salaried Tax Payers
c. Pensioners
d. Differently-abled Persons
e. Both B,C and D
Answer  Explanation 

ANSWER: Both B,C and D

Explanation:
Salaried tax payers and pensioners with annual income upto five lakh rupees and with no refund claim can file their returns at these counters upto 31st Aug’15. However, the income limit of 5 lakh rupees and no claim refund provision will not apply to tax payers over the age of 80 years deriving salary or pension income. There will be special facilitation counters for senior citizens and differently-abled persons. An official release said similar facilitation counters are being set up in other metro cities based on the local requirements.

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