AIBE XI — December 2017 — Q.1 (Income Tax Act, 1961)

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Q.1

Taxation Law Medium Act + Section Given

Bare Act Income Tax Act, 1961 · Section 154

Section 154 under IT Act is:

A For filing return of Income

B For filing return with late fee

✓ Rectification of mistakes Answer

D Appeal against the order passed by the ITO

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Explanation & Strategy

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Section 154 of the Income Tax Act deals with rectification of mistakes — any error apparent from the record in an order by the Assessing Officer can be corrected. This is an administrative remedy before filing a formal appeal.

1 Look up the referenced provision in Income Tax Act, 1961 to verify the answer.

At a Glance

Subject Taxation Law

Difficulty Medium

Act Income Tax Act, 1961

Section Section 154

Answer (C) Act + Section Given

Paper AIBE XI — December 2017

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