Gauhati University B.Com 4th Sem
E-Filing of Returns Solved Paper
2021 (Held in 2022) COMMERCE
Paper: COM-SEC-4024
(E-Filing of Returns)
Group – A
Marks: 26
Figures in the merging indicate full marks for the questions
1. Answer the following questions as directed: 1×6=6
a) A company can file its return electronically without digital signature. (State whether the statement is True or False)
Ans: False
b) ITR forms are attachment-less forms and hence, the taxpayer is not required to attach any document along with the return of income. (State whether the statement is True or False)
Ans: True
c) Who is an assessee?
Ans: An assessee refers to any individual or entity who is liable to pay tax under the Income Tax Act, 1961.
d) What is the meaning of TDS?
Ans: TDS stands for Tax Deducted at Source. It is a mechanism where a certain percentage of tax is deducted by the payer while making specified payments such as salaries, interest, rent, etc., and remitted to the government on behalf of the recipient.
e) All allowances are fully taxable. (State whether the statement is True or False)
Ans: False
f) From which date GST was implemented in India?
Ans: GST (Goods and Services Tax) was implemented in India from July 1, 2017.
2. Briefly explain the meaning of e-Filing of Returns. 2
Ans: e-Filing of Returns refers to the process of electronically submitting the income tax returns to the Income Tax Department using the official online portal. It eliminates the need for physical paper filing and allows taxpayers to file their returns conveniently from anywhere with an internet connection.
3. Briefly explain any two limitations of e-Filing. 2
Ans: Two limitations of e-Filing are:
- Technical issues or system downtime can sometimes hinder the smooth filing process, causing inconvenience to taxpayers.
- Not all categories of taxpayers or specific types of returns may be eligible for e-Filing, requiring them to file returns through physical means.
4. Briefly explain the meaning of PAN Card. 2
Ans: PAN Card refers to the Permanent Account Number card issued by the Income Tax Department of India. It is a unique 10-character alphanumeric identifier assigned to individuals, entities, and organizations for the purpose of tax identification. PAN Card is used for various financial and official transactions and is an essential document for taxpayers.
5. What is the purpose of deducting tax at source? 2
Ans: The purpose of deducting tax at source is to ensure a regular inflow of tax to the government by collecting a portion of the tax liability at the time of making payments. It helps in preventing tax evasion and facilitates the timely collection of revenue for the government.
6. Mention any two advantages of GST. 2
Ans: Two advantages of GST are:
- Simplification: GST has replaced multiple indirect taxes, resulting in a simpler tax structure and reducing compliance burdens for businesses.
- Increased Efficiency: GST has eliminated cascading effects of taxes and improved the ease of doing business by promoting seamless movement of goods and services across state borders.
7. Answer any two questions from the following: 5×2=10
a) Explain any five points of distinctions between e-Filing and manual filing of returns. 5
Ans:-
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