![GU E-Filing of Returns Solved 2024 Question Paper [Gauhati University FYUGP BCom 3rd Semester]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiCsqVAk-89IVXCKnbsvcwFH33dYtEz20iJIHtz1_JfA9FGhmMj4dIsNpVXchbZyDez2R4tKPo7-wJFMEK02Q5qtOg_lzSmHZJ8HoKAuSAypY0kAXe1LDK42NhPm-8SVGnMmJ2Fx-wDHwECnsHohImVRLDhE8w2haWq1a2DaFm40cbdyN-bRPTGPXJRukyg/s16000-rw/1000315432.webp "GU E-Filing of Returns Solved 2024 Question Paper [Gauhati University FYUGP BCom 3rd Semester]")
BCom Gauhati University
Semester-3 / FYUGP / SEC / EFR
2024
COMMERCE
E-Filing of Returns
Full Marks: 30
Time: 1½ Hours
The figures in the margin indicate full marks for the questions.
Answer either in English or in Assamese.
1. State whether the following statements are True or False: 1×5=5
(i) A person can hold at least two PAN.
Answer: False
A person is allowed to hold only one Permanent Account Number (PAN) as per the Income Tax Act. Holding more than one PAN is illegal and punishable under the law.
(ii) GST signifies one state many tax.
Answer: False
GST (Goods and Services Tax) signifies “One Nation, One Tax,” not one state many tax. It is a unified tax system that replaces multiple indirect taxes.
(iii) All allowances are not fully taxable.
Answer: True
Some allowances are fully taxable, while others are partially or fully exempt (e.g., House Rent Allowance, Transport Allowance under certain conditions).
(iv) A company can file its return electronically without digital signature.
Answer: False
It is mandatory for companies to file their income tax return electronically with a digital signature.
(v) Assessment year is always a period of 12 months.
Answer: True
The assessment year is the 12-month period following the financial year, in which income is assessed and taxes are filed.
2. Answer any five of the following questions: 2×5=10
(a) Briefly explain any two limitations of e-Filing.
Answer: i) Technical Issues: Users may face website crashes, slow internet, or server errors, especially near deadlines.
ii) Lack of Awareness: Many taxpayers are not familiar with the online process, which creates difficulty in filing returns correctly.
(b) What do you mean by total income?
Answer: Total income refers to the aggregate income earned by an individual or entity from all sources during a financial year, after allowing for deductions under the Income Tax Act.
(c) Mention any two advantages of GST.
Answer: i) Eliminates the cascading effect of tax.
ii) Creates a unified national market by replacing multiple indirect taxes.
(d) What do you mean by Form 16A?
Answer: Form 16A is a certificate issued for TDS (Tax Deducted at Source) on income other than salary, such as interest, rent, or professional fees.
(e) What is ITR-V?
Answer: ITR-V (Income Tax Return Verification) is a one-page acknowledgment form generated after e-filing the income tax return without using a digital signature. It must be signed and sent to the CPC office in Bengaluru for verification.
(f) What is the purpose of deducting tax at source?
Answer: TDS ensures timely collection of tax from the source of income itself and helps reduce tax evasion by tracking income transactions.
(g) Explain briefly about TAN.
Answer: TAN (Tax Deduction and Collection Account Number) is a 10-digit alphanumeric number issued to individuals or entities responsible for deducting or collecting tax at source.
(h) Briefly explain the meaning of e-Filing of Returns.
Answer: E-Filing refers to the process of submitting income tax returns electronically through the official income tax portal, instead of filing physical copies manually.
(i) State any two differences between e-Filing and manual filing of returns.
Answer: i) e-Filing is done online, while manual filing involves submitting physical forms.
ii) e-Filing is faster and generates instant acknowledgment, whereas manual filing is time-consuming and may take days for processing.
(j) What is additional password?
Answer: An additional password is a secondary security code required in some cases to access downloaded forms (e.g., Form 16 or ITR-V). Usually, it is the PAN number in lowercase followed by the date of birth in DDMMYYYY format.
3. Answer any three of the following questions: 5×3=15
(a) Mention any five advantages of manual filing of returns.
Answer: Manual filing of income tax returns refers to the traditional method where individuals submit physical copies of their tax returns to the Income Tax Department. Though e-filing has become popular, manual filing still has some benefits:
i) No Need for Internet Access: Manual filing is useful for individuals who do not have access to the internet or are not familiar with online systems.
ii) Suitable for Technologically Challenged Individuals: Senior citizens or people who are not comfortable with using computers or smartphones find manual filing easier and more convenient.
iii) Personal Assistance Possible: Taxpayers can visit the Income Tax office and directly interact with officials for any clarification, guidance, or help in filing their returns.
iv) Less Risk of Cybersecurity Threats: Since the process is not online, there is no risk of hacking, data leakage, or misuse of digital information.
v) Useful for Very Simple Returns: Individuals with very basic income details and no deductions or investments might prefer to file manually to avoid the complexity of online forms and digital verifications.
(b) Write a note on the history of introduction of GST in India.
Answer: The Goods and Services Tax (GST) is one of the biggest tax reforms in the history of India. The journey to its introduction was long and required cooperation between the Centre and the States.
The idea of GST was first proposed in 2000 by the Vajpayee Government, which formed a committee to draft the GST law. Later, in 2006, during the budget speech, the then Finance Minister P. Chidambaram announced the target date for the introduction of GST as 1st April 2010. However, due to lack of political consensus and various constitutional and technical challenges, the rollout was delayed.
In 2014, the newly elected government under Prime Minister Narendra Modi pushed the reform further. The Constitution (122nd Amendment) Bill for GST was passed by both Houses of Parliament and was ratified by more than 50% of the States.
Finally, the Goods and Services Tax was launched on 1st July 2017 at a special midnight session of the Indian Parliament. It subsumed a large number of indirect taxes like VAT, Service Tax, Excise Duty, and others, unifying the tax structure under the concept of “One Nation, One Tax.”
(c) Write the names of any five financial transactions in which quoting of PAN is not mandatory.
Answer: Though quoting PAN (Permanent Account Number) is mandatory in many financial transactions to ensure transparency and prevent tax evasion, there are still some transactions where PAN is not mandatory:
i) Bank Account Opening under Jan Dhan Yojana: Accounts opened under the Pradhan Mantri Jan Dhan Yojana scheme are exempted from the requirement of PAN.
ii) Deposits Below ₹50,000: If a person deposits less than ₹50,000 in a single day in a bank account, PAN is not required.
iii) Purchase of Goods or Services Below ₹2 Lakhs: If the purchase of goods or services in cash is below ₹2,00,000 in a single transaction, PAN is not mandatory.
iv) Applying for a Passport: PAN is not required while applying for a passport.
v) Investments in Mutual Funds Below ₹50,000: PAN is not required if the total investment in mutual funds is below ₹50,000 in a financial year.
These exemptions help people from rural areas, economically weaker sections, and those without PAN cards to carry out small transactions smoothly.
(d) Explain the various provisions regarding return of TDS.
Answer: TDS (Tax Deducted at Source) is a method through which tax is collected at the time of payment itself. The person making the payment deducts tax and deposits it with the government. The provisions related to the return of TDS are as follows:
i) Filing of TDS Return: Every person who has deducted TDS is required to file a quarterly TDS return with the Income Tax Department in the prescribed forms—Form 24Q (for salary), Form 26Q (for non-salary payments to residents), Form 27Q (for payments to non-residents), etc.
ii) Due Dates for Filing TDS Returns: TDS returns must be filed quarterly. The due dates are:
Q1 (Apr–Jun): 31st July
Q2 (Jul–Sep): 31st October
Q3 (Oct–Dec): 31st January
Q4 (Jan–Mar): 31st May
iii) TDS Certificate Issuance: After filing the TDS return, the deductor must issue a TDS certificate to the deductee:
Form 16 (for salary) and Form 16A (for non-salary payments)
iv) Penalty for Non-Filing: If the deductor fails to file the TDS return within the due date, a late fee of ₹200 per day is charged under Section 234E, subject to a maximum of the TDS amount.
v) Correction of TDS Return: If there is any error in the filed return, a revised return can be submitted with the correct details after downloading the consolidated file from the TRACES portal.
(e) Write the Income Tax slab rate for new tax regime for the F.Y. 2023–24 which is applicable for Individual and HUF.
Answer: The new tax regime for Financial Year 2023–24 (Assessment Year 2024–25) is applicable to Individuals and Hindu Undivided Families (HUFs). Under this regime, tax is calculated at lower rates but most deductions and exemptions are not allowed.
Here are the slab rates:
Rebate under Section 87A:
If the total income is up to ₹7,00,000, the individual can claim a rebate of up to ₹25,000, making the net tax payable zero under the new tax regime.
(f) Explain the structure of PAN.
Answer: PAN stands for Permanent Account Number. It is a unique 10-character alphanumeric identifier issued by the Income Tax Department to taxpayers in India. The structure of PAN is as follows:
Example: ABCDE1234F
break it down:
i) First three characters (A to Z):
These are random alphabets.
ii) Fourth character (Type of Assessee):
This represents the type of taxpayer:
P – Individual
C – Company
H – HUF (Hindu Undivided Family)
A – Association of Persons (AOP)
B – Body of Individuals (BOI)
F – Firm
T – Trust
G – Government
iii) Fifth character: This is the first letter of the surname in case of individuals, or first letter of the entity name in case of non-individuals.
iv) Sixth to ninth characters (0001 to 9999): These are sequential numbers issued by the department.
v) Tenth character (A to Z): This is an alphabetic check digit used for verification purposes.
This structure helps in uniquely identifying each taxpayer and linking all their financial transactions.
-00000-
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