More (P) Ltd. is engaged in manufacture of garments. Its turnover always exceeded ₹10 crore. It has not maintained books of account for the financial year 2022-23. During survey under section 133A of the Income Tax Act,
CS Executive · Tax Laws · PYQS · June 2023
More (P) Ltd. is engaged in manufacture of garments. Its turnover always exceeded ₹10 crore. It has not maintained books of account for the financial year 2022-23. During survey under section 133A of the Income Tax Act, 1961, it was found that it has not maintained books of account. How much would be the penalty leviable for failure to maintain books of account?
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income Tax Act, 1961
Related Questions in this Topic
- Which of the following criteria would make a foreign company to have its active business outside India? (i) Passive inco...
- Crow Ltd is engaged in export of articles and things eligible for deduction under section 10AA of the Income Tax Act, 19...
- Raghu retired on 31st October, 2022 after rendering service for 32 years in a listed company. He received ₹23,00,000 as ...
- Dave & Co. made a turnover of ₹160 lakh during the financial year 2022-23. It received ₹90 lakh by way of RTGS and n...
- Laxmi received ₹30,000 per month by way of family pension (consequent to demise of her husband, who died in April, 2019)...