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CMA Final · Direct Tax Laws and International Taxation · Different Aspects of Tax Planning

Under section 508 of the Income-tax Act, 2025, a prescribed income-tax authority finds a defect in a statement of financial transaction furnished by a reporting person and intimates the defect. Within how many days from the date of intimation must the defect be rectified, unless the authority extends the period on application?

The defect must be rectified within thirty days of the intimation, and the authority may extend that period on the person's application. If it stays unrectified, the statement is treated as containing inaccurate information under section 508.

  1. ASeven days
  2. BFifteen days
  3. CThirty daysCorrect
  4. DSixty days

Explanation

Section 508(5) allows the person thirty days from the date of intimation to rectify the defect, and the authority may extend this period at its discretion on an application. Fifteen or sixty days do not appear in the provision.

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