Examine with reasons whether the following statements are true or false with regard to the provisions of the Income-tax Act, 1961: (i) Mr. Rajiv is…

Examine with reasons whether the following statements are true or false with regard to the provisions of the Income-tax Act, 1961: (i) Mr. Rajiv is a non-working partner in a partnership firm M/s RKT & Co., whose turnover for the previous year 2024-25 is 18 crore and the books of account of the firm are required to be audited under section 44AB of the Income-tax Act, 1961 for the financial year ended on 31st March, 2025. The due date of filing the return of income by Mr. Rajiv is 31st July 2025 for the assessment year 2025-26, if he is getting only interest on capital from the firm and does not have any other source of income. (ii) Mr. Kalra, a resident individual aged 55 years who has opted out of the default tax regime for the previous year 2024-25, is engaged in the business of trading of textile yarn. During the previous year 2024-25, the net profit from the business carried on by him is 3.9 lakh. He has no other source of income. He has contributed - 1.5 lakh to the public provident fund. As his income does not exceed the maximum amount not chargeable to tax, he is of the opinion that he is not required to file his return of income for the assessment year 2025-26.