CMA Intermediate · Direct and Indirect Taxation · Deductions, Rebate and Relief
Under section 122(5) of the Income-tax Act, 2025, deduction under Part C of Chapter VIII is NOT allowed to an assessee who fails to do which of the following?
Part C deductions are denied to an assessee who fails to furnish the return of income by the due date under section 263(1), or who does not claim the deduction in that return, as laid down in section 122(5).
- AFurnish a return of income on or before the due date under section 263(1)Correct
- BMaintain a bank account in India
- CPay advance tax in four instalments
- DObtain a tax audit report in all cases
Explanation
Section 122(5) denies Part C deductions to an assessee who fails to furnish the return on or before the due date under section 263(1), or fails to claim the deduction in that return. The other options are not conditions stated there.
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