Taq polymerase is built for speed and heat stability in PCR, not for accuracy. It has 5'-3' polymerase activity (to extend the primer) and 5'-3' exonuclease activity (used in probe-cleavage-based detection methods), so both of these are present, ruling out options that claim otherwise.
What Taq lacks is 3'-5' exonuclease activity, the proofreading function that checks and removes mismatched bases -- this is why Taq-amplified DNA has a higher error rate than DNA amplified with proofreading enzymes such as Pfu.
So the activity not present in Taq polymerase is 3'-5' exonuclease.
A comparative angle: line Taq up against a proofreading polymerase such as Pfu and see which activity separates them.
The comparison confirms that the one activity separating Taq from proofreading enzymes, and therefore the one missing from it, is 3'-5' exonuclease activity.
The correct answer is 3'-5' exonuclease.