Identify which of the following statements are True:

A. Assessment Year means the period of 12 months commencing on the first day of April every year.

B. Rounding off of total income is defined under Section 288B of the Income Tax Act.

C. Rounding off of tax is defined under Section 288A of the Income Tax Act, 1961.

D. Assessee is always a person, but a person may or may not be an assessee.

E. A person may not have assessable income but may still be an assessee.

Choose the correct answer from the options given below:

Correct option is B

1. Assessment Year (A) - True: It refers to the 12-month period (April 1 - March 31) in which income is assessed for tax purposes.
2. Rounding off Total Income (B) - False: It is covered under Section 288A, not Section 288B.
3. Rounding off Tax (C) - False: It is covered under Section 288B, not Section 288A.
4. Assessee Definition (D) - True: A person is always a person but may or may not be an assessee.
5. Assessable Income (E) - True: A person with no taxable income can still be considered an assessee if they file returns.
Information Booster:
1. Firm Equilibrium: The condition where marginal cost equals marginal revenue for profit maximization.
2. Conflict Handling: Different approaches like competition, collaboration, accommodation, and compromise define negotiation outcomes.
3. Taxation Terms:
· Evasion: Illegal methods to avoid tax.
· Avoidance: Legal but aggressive tax minimization strategies.
· Planning: Strategic tax-saving investments.
· Management: Compliance with tax regulations.
4. SEBI’s Regulatory Framework: Ensures fair and transparent securities markets through various legal tools.
5. Income Tax Act Provisions: Covers definitions of assessment year, assessee, and income-related provisions under various sections.
Additional Knowledge:
· Perfect Competition: Firms are price takers and produce where MR = MC.
· Monopoly: A single seller dominates the market, setting prices based on demand.
· Oligopoly: A few dominant firms interact strategically, often leading to non-price competition.
· Conflict Resolution: Effective negotiation skills improve workplace relationships and outcomes.
· Income Tax Compliance: Proper tax planning and compliance prevent legal penalties.