Practice Test

Q1) In case of individual assesses, amount of advance tax payable in the first installment (i.e. on or before 15th September) shall be Show Answer

Q2) In case of individual assesses, amount of advance tax payable in the second installment (i.e. on or before 15th December) shall be
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Q3) In case of individual assesses, amount of advance tax payable in the third installment (i.e. on or before 15th December) shall be
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Q4) In case of company assesses, amount of advance tax payable in the installment (i.e. on or before 15th June) shall be
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Q5) In case of company assesses, amount of advance tax payable in the third installment (i.e. on or before 15th December) shall be
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Q6) Every person is liable to pay advance tax if the tax payable is
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Q7) In how many installments the advance tax payment is to be made by non-company assesses?
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Q8) Company assesses are required to pay advance tax in
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Q9) The first installment of advance tax is required to be deposited by the non-company assesses on or before
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Q10) The first installment of advance tax is required to be deposited by company assesses on or before
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Q11) The due dates for deposit advance tax by non-company assesses are
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Q12) The due date for deposit of advance tax by company assesses are
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Q13) The non-company assesses are required to pay advance tax at specified percentage of advance tax liability. Such specified percentage are
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Q14) The company assesses are required to pay advance tax at specified percentage of advance tax liability. Such specified percentages are
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Q15) The assessing officer shall compute the advance tax by taking
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Q16) What are the circumstances in which interest is payable by the assesses under the income Tax Act, 1961 ?
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Q17) What is rate at which interest is levied under section 234B ?
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Q18) What is the rate at which interest is levied u/s 234C for deferment of advance tax
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Q19) The first installment of advance tax due on 15th September was paid on 16th September. Interest u/s 234C shall be charged for
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Q20) Interest for late of return of income is on which of the following amounts.
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Q21) What is the consequence of when last installment of advance tax is paid after 15th March but before 31st March of the assessment year?
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Q22) If an assesses fails to pay advance tax as required under the act, or the advance tax paid by him is less than __________ of the assessed tax, he shall be liable to pay interest u/s 234B
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Q23) An individual needs to pay Rs. 10,00,000 as advance tax. By 15th of December, how much amount must be paid by the individual :
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Q24) ABC Ltd. whose due date of filing the return or the assessment year 2015-16 was 30-9-2015 failed to file his return. The Assessing Officer completed his assessment on 25-12-2016 and determined a tax liability of Rs. 2,20,000 (Before giving credit for advance tax or TDS). ABC Ltd. had paid an advance tax of Rs. 40,000 and a TDS of Rs. 18,000. Determine the interest payable by ‘ABC Ltd.’ under section 234B.
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Q25) Tax is required to be deducted by
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Q26) Who is required to compulsorily deduct tax at source?
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Q27) Which one of the following payers is exempted from TDS requirements ?
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Q28) Tax is required to be deducted
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Q29) Tax is required to be deducted
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Q30) A Ltd. pays salary of Rs. 5,00,000 as salary to Mr. Ram. Mr. Ram has reported a business loss of Rs. 2,50,000 to his employer. The amount on which tax to be deducted at source will be
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Q31) A Ltd. pays salary of Rs. 6,00,000 as salary to Mr. Ramesh. Mr. Ramesh has reported a loss from house property of Rs. 2,00,000 to his employer. The monthly amount of tax deducted at source will be
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Q32) A Ltd. pays salary of Rs. 5,00,000 to Mr. Ram Mr. Ram has reported a business loss Rs. 1,50,000 to his employer. The monthly amount of tax deducted at source will be
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Q33) Section _________ deals with the provisions relating to deduction of tax at source on interest other than interest on securities paid to a resident
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Q34) In which of the following case tax is required to be deducted at source?
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Q35) M/s A & Company a partnership firm pays interest Rs. 5,000 to a resident company on loan borrowed from such company. What will be the amount of TDS payable ?
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Q36) Individual or a Hindu Undivided Family, whose total sales, gross receipts or turnover from the business exceed ________ in case of business during the financial year immediately preceding the financial year in which such interest is credited or paid, shall be liable to deduct tax at source under section 194A.
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Q37) No tax shall be deducted under section 194A where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid to likely to be credited or paid during the financial year to the account of, or to, the payee, does not exceed __________ where the payers is a banking company (including any bank or banking institution)
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Q38) No deduction shall be made form the amount of any sum credited or paid likely to be credited or paid to the account of, or to, the contractor, if such sum does not exceed
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Q39) Where the aggregate of the amounts of such sums credited or paid or likely to be credited or paid to the account of, or to, the contractor, during the financial year exceeds _________, the payer shall be liable to deduct tax at source.
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Q40) Rate of TDS on payments made to individual or HUF for advertising will be
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Q41) Rate of TDS on payments made for contracts where payee is individual will be
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Q42) What maximum amount of rent payment does not require deduction of tax at source per financial year?
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Q43) Which of the following relates to the meaning of 'rent’ ?
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Q44) As per section 194J, tax is to be deducted in respect of
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Q45) No tax is to be deducted if the amount of professional fees or technical fee or royalty or non-compete fees (excluding director’s fees) paid during the financial year does not exceed
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Q46) Rate of TDS on payments made for professional services to a artist will be
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Q47) Sections __________ of the Income-tax Act lay down the provisions relating to deduction of tax at source.

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Q48) Zen Ltd. Made a payment of Rs 11,00,000 to Amar, a resident transport contractor who has intimated his PAN details. The tax to be deducted at source under section 194C will be- Show Answer

Q49) Laxmi & Co. Paid Rs 6,10,000 as contract payment to Monu Ltd. During the financial year 2016-17 It did not deduct tax at source under section 194C the amount liable for disallowance is- Show Answer

Q50) While making payment of winnings form horse tax will be deducted at source if the payment exceeds Show Answer

Q51) Pradip acquired an urban land form chitra for Rs 70 lakh on 10th October, 2016. At what rate tax deductible at source respect of such transaction- Show Answer

Q52) Rohan won a state Government lottery of Rs 1,00,000 on 11th October 2016 the Government should deduct tax on such winning amounting to- Show Answer

Q53) If a payee eligible for commission exceeding Rs 5,000 does not furnish his PAN to the payer, tax is deductible at source at Show Answer

Q54) Amit received Rs 70,000 being winnings from lottery after deduction of tax at source. His gross winnings from lottery to be included in the total income is Show Answer

Q55) The liability to deduct tax at source on insurance commission will arise when the commission paid or payable to an agent for the year exceeds

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Q56) If a person responsible for deduction of tax at source after deduction fails to deposit the same into the government treasury he will be liable to pay interest @- Show Answer

Q57) When an employee makes premature withdrawal from employees provident fund account the requirement for tax deduction is attracted when the quantum of withdrawal exceeds- Show Answer

Q58) TDS need to be deducted from interest on listed securities @ ________% if payment exceeds Rs 5000 p.a. Show Answer

Q59) TDS need to be deducted from interest on unlisted securities @ ________% if payment exceeds Rs 5000 p.a.

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Q60) TDS need to be deducted from interest on unlisted securities if payment exceeds Rs _______ p.a. Show Answer

Q61) TDS need to be deducted from Dividend under section 2(22)(e) if the payment exceed Rs _________ p.a. Show Answer

Q62) If recipient is an individual TDS need to be deducted from Dividend under section 2(22)(e) @ _______%. Show Answer

Q63) Supreme Ltd. Is going to receive Dividend under section 2(22)(e) of Rs 5,500 from Pritam Ltd. The required TDS to be deducted by Pritam Ltd- Show Answer

Q64) The threshold limit to deduct tax from interest from a non-banking company is Rs ________ p.a. Show Answer

Q65) Rishabh earned income by way of interest of Rs 58,000 from Atishay Ltd. A non-banking company.
Atishay Ltd should deduct the TDS Rs _________.
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Q66) Nikita earned income by way of interest of Rs 4,800 from Chanda Ltd. A non-banking company.
Chanda Ltd should deduct the TDS Rs _________.

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Q67) Star Ltd is required to pay Rs 12,000 for 1st contract and Rs 8,000 for 2nd contract to Mr. Kirtan. Calculate the TDS need to be deducted. Show Answer

Q68) Kedar Ltd. Is required to pay Rs 50,000 for a contract to Atishay Ltd. Calculate the TDS need to be deducted from such payment. Show Answer

Q69) The maximum amount which can be paid without deduction of tax at source from winnings for lotteries is ___________.

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Q70) The maximum amount of rent payment where deduction of tax at source is not required in a financial year is __________. Show Answer

Q71) In a contest, amit wins Rs 50,000 cash and a motor-cycle worth Rs 50,000 the amount of tax deducted at source will be.

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Q72) An HUF, not subject to tax audit in the earlier year, paying fees of Rs 35,000 to a Practicing Company Secretary shall - Show Answer

Q73) The person responsible for paying any income by way of winning for lottery an amount exceeding Rs 10,000, shall deduct Show Answer

Q74) Deduction of tax from salary u/s 192 shall be Show Answer

Q75) The deduction of tax at source from the salary shall be made at the time of -

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Q76) The salary for the purpose of deduction of tax at source shall be rounded off to nearest Show Answer

Q77) Kamlesh an individual who is not carrying on a business has borrowed a sum of Rs 20,000 on 01/04/2017 @ 18% p.a. For a finance company , He in this case should deduct tax on such interest paid amounting to Show Answer

Q78) Nitin limited has taken a showroom on rent @ 15,000 p.m. From Hexaware limited, Nitin limited should deduct tax at source amounting to __________.

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Q79) Vinod deposited a sum of Rs 2,00,00,000 with a scheduled bank for a year at the interest rate of 6%p.a. Bank should make TDS amounting to. Show Answer

Q80) Devendra has won a state government lottery of Rs 1,00,000 on 1/12/16 The state government should deduct tax on such winning amounting to_ Show Answer

Q81) Venkat has won a horse race on 1.11.2016 and is entitled to a prize of Rs 2,00,000 the race club should deduct the TDS amounting to. Show Answer

Q82) Kresha has won the horse race and is entitled to a price of Rs 10,00,000 the race club should deduct TDS amounting to- Show Answer

Q83) A company has given an advertising contract to an advertising agency which is a company On 26.12.2016 it has paid a sum of Rs 2,40,000 to advertising agency . Company should deduct tax amounting to- Show Answer

Q84) Vivek Continental Limited has credited a sum of Rs 80,000 to the account of its chartered acountants a sole proprietary firm during the previous year 2016-17. The company should tax amounting to Show Answer

Q85) Vijay Limited has credited a sum of Rs 9,00,000 to the account of its chartered accountants, a sole proprietary firm during the previous year 2016-17 the company should deduct tax amounting to Show Answer

Q86) No tax is to be deducted at source if the amount credited paid to the contractors during the relevent previous year as fee for profession or technical service does not exceed

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Q87) Mark limited has taken a house on rent @ Rs 20,000 p.m. From Tania an individual, Mark limited should deduct tax account of such rent paid credited amounting to _________.

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Q88) Pratic has deposited a sum of Rs 75,000 0n 01/04/2017 with a schedule bank for one year at the interest rate of 6% p.a. The bank should deduct tax at source amounting to Show Answer

Q89) Ramesh has taken a house on rent on 02.08.2016 @ Rs 20,000 p.m. From Ruchika limited Ramesh should deduct tax at source amounting to ________.

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Q90) TDS to be deducted from payment of commission @ ______%. Show Answer

Q91) TDS to be deducted from payment of Brokerage @ ______%. Show Answer

Q92) The maximum amount of commission one can pay without deducting TDS is __________. Show Answer

Q93) Tikona Ltd. Taken machinery on hire and at the end of the year rent payable by the company is Rs 3,40,000. Calculate the TDS to be deducted from such rent. Show Answer

Q94) Tikona Ltd. Taken Building on hire and at the end of the year rent payable by the company is Rs 3,40,000. Calculate the TDS to be deducted from such rent.

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Q95) Government acquired a property of TBS ltd. under the scheme of compulsory acquisition. Government decided to pay the compensation of Rs 45 Lakh. Calculate the TDS to be deducted by government. Show Answer

Q96) Government acquired a property of Rolta Pvt. ltd. under the scheme of compulsory acquisition. Government decided to pay the compensation of Rs 1.5 Lakh. Calculate the TDS to be deducted by government. Show Answer

Q97) Section __________ of the Income Tax Act deals with the issues relating to advance payment of tax. Show Answer

Q98) Any payment of advance tax payable made before __________ shall be treated as advance tax paid during the financial year.

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Q99) In case of public holiday or bank holiday, date of payment automatically falls in the ___________. Show Answer

Q100) Assesee should pay ________% of the Advance Tax due on or before June 15 of the previous year. Show Answer

Q101) Assesee should pay ________% of the Advance Tax due on or before September 15 of the previous year Show Answer

Q102) Assesee should pay ________% of the Advance Tax due on or before December 15 of the previous year. Show Answer

Q103) Assesee should pay ________% of the Advance Tax due on or before March 15 of the previous year. Show Answer

Q104) An assessee liable to pay advance tax is not liable to pay interest u/s 234B, if advance tax paid by him is not less than. Show Answer

Q105) Interest for default in payment of installment(s) of advance tax is levied under section Show Answer

Q106) The assessee can pay advance tax at a rate lower than assessment made by the AO if he furnish his own estimate of lower current income.

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Q107) Payment of advance tax on or before due date is termed as- Show Answer

Q108) Advance tax liability of Mr. Rahul is estimated at Rs. 73,721. Calculate the advance tax payable by him on or before June 15 of the previous year.

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Q109) Advance tax liability of Mr. Rahul is estimated at Rs. 73,721. Calculate the advance tax payable by him on or before September 15 of the previous year.
(Assuming that he has paid all past advance tax installments on time)

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Q110) Advance Tax is payable by all Assessee in _________ instalments during the previous year. Show Answer

Q111) 1st installment of advance tax is to be paid on or before __________ of the previous year. Show Answer

Q112) Advance tax liability of Narmada Ltd. is estimated at Rs. 1,25,000 Calculate the advance tax payable by him on or before June 15 of the previous year. Show Answer

Q113) Advance tax is not mandatory for Non-corporate. Show Answer

Q114) Calculate advance tax payable by Sumit on before 15th September 2016 from the following.
Rent from house property Rs 46,000 per month municipal taxes paid by him Rs 32,000-

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Q115) Pritesh, aged 62 years, has pension income of Rs 1,20,000 and rental income (computed) of Rs 3,60,000 for the financial year 2016-17 how much amount he must have paid as advance tax in September 2016- Show Answer

Q116) Ronak, aged 42 years, has pension income of Rs 1,20,000 and rental income (computed) of Rs 30,000 for the financial year 2016-17 how much amount he must have paid as advance tax in December 2016- Show Answer

Q117) Advance tax follows the doctrine known as __________ scheme. Show Answer

Q118) Advance tax is obligatory for an assessee to pay advance tax where the advance tax payable is Rs, __________ or more Show Answer

Q119) An assessee, who is liable to pay advance tax, under Section 208 has failed to pay such tax or where the advance tax paid under Section 210 is less than 90% of the assessed tax, he shall be liable to pay interest @ _______% for every month or part of the month. Show Answer

Q120) An Assessing Officer (AO) can order payment of advance tax if the following conditions are satisfied: Show Answer

Q121) A senior citizen is not liable for advance tax if he does not get any income from- Show Answer

Q122) Interest is payable to assessee on refund under the income-tax Act 1961 at the rate of Show Answer

Q123) Advance tax liability of Mr. Rahul is estimated at Rs. 73,721. Calculate the advance tax payable by him on or before December 15 of the previous year.
(Assuming that he has paid all past advance tax installments on time)
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Q124) Advance tax liability of Mr. Anupam is estimated at Rs. 12,05,800 Calculate the advance tax payable by him on or before June 15 of the previous year.

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Q125) Advance tax liability of Parag Ltd. is estimated at Rs. 32,80,500 Calculate the advance tax payable by him on or before June 15 of the previous year. Show Answer

Q126) Advance tax liability of Parag Ltd. is estimated at Rs. 32,80,500 Calculate the advance tax payable by him on or before December 15 of the previous year.
(Assuming that he has paid all past advance tax installments on time)

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Q127) Advance tax liability of Narmada Ltd. is estimated at Rs. 1,25,000 Calculate the advance tax payable by him on or before December 15 of the previous year.
(Assuming that he has paid all past advance tax installments on time)

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Q128) Steam (P) Ltd reports total income of Rs 20 lakh for the year ended 31st March 2017 the total tax liability payable before 15th September 2016 by way of advance tax is Show Answer