CAF-2 · Chapter 15 · Question 1 of 15
Under the Universal Self-Assessment Scheme (USAS) principles in Section 120, if a taxpayer furnishes a complete return of income, when is it treated to be an assessment order issued by the Commissioner?
Test yourself: pick an answer
Reveal answer & explanation
Correct answer: B) B) On the day the adjustments (if any) were made through the automated system under section 120(2A).
Explanation
If a taxpayer furnishes a complete return, the Commissioner shall be treated to have assessed the income, and the return shall be taken to be an assessment order issued on the day the adjustments were made under section 120(2A).
More Assessment, Records and Audit MCQs
- Q3What is the standard statutory time limit within which a Best Judgment Assessment order under Section 121 must be issued?
- Q4If a taxpayer fails to produce books of accounts during an audit, how may the Commissioner determine the taxable income for making a Best…
- Q5Under which of the following circumstances is the Commissioner empowered to issue a "Provisional Assessment Order" under Section 123…
- Q6An assessment order can be amended by the Commissioner if he has acquired "definite information" from an audit. Which of the following…
- Q7What is the maximum time limit for the Commissioner to amend an assessment order under Section 122?