CAF-2 · Chapter 14 · Question 3 of 15
What is the legal implication if a business taxpayer fails to declare their business bank account to the Commissioner through the prescribed registration form?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: C) C) Any expense incurred for business purposes shall be treated as inadmissible while computing income from business.
Explanation
Every taxpayer must declare the bank account utilized for business transactions; failure to do so means any expense incurred for business purposes shall be inadmissible while computing income from business under section 21.
More Returns MCQs
- Q5Under the Income Tax General Order for persons liable to file a return but who failed to do so, the Board can place a restriction on…
- Q6Under the restrictions placed on economic transactions for "ineligible persons" (non-filers), they are strictly barred from:
- Q7Alpha (Pvt.) Limited maintains a special tax year ending on 31 March 2026. What is the due date for furnishing its annual return of income…
- Q8An individual discovering an omission in their already filed return wishes to file a revised return. Under which condition is the prior…
- Q9If a taxpayer voluntarily files a revised return and deposits the short-paid tax along with the default surcharge, when will they be…