Practice Test

Q1) 194D casts responsibility on any person to deduce 70$ on insurance commission @ - Show Answer

Q2) James Watt, a Non-Resident paid Rs.21,000 to Neelima a resident as commission for purpose of soliciting insurance business for him. IDS will be deducted under which Sec and rate of deduction- Show Answer

Q3) Tax under Sec 194D has to be deducted at source only if amounts of such insurance commission paid during the FY to the account of payee exceeds- Show Answer

Q4) Sec 194DA requires deduction of TDS for- Show Answer

Q5) Rate of deduction of TDS for payment of LIC maturity proceeds- Show Answer

Q6) Mr. Bahubali, a resident is due to receive Rs.3,25,000 on 31/03/19 on LIC policy taken on 31/03/12 for which sum assured is Rs.3,00,000 and annual premium is Rs.65,000. How much TDS is required to be deducted? Show Answer

Q7) Mr. Justin Beiber came for a concert in India organized by White Fox and he was paid Rs.90,00,000 on 06/07/18. How much TDS is required to be deducted on payment made to Mr. Justin Beiber and under which section- Show Answer

Q8) RM and Company is not required to get his accounts audited in Previous Year 17-18. He made a payment of Rs.6,00,000 to Ricky Pointing (an Australian cricketer).TDS rate u/s 194E will be- Show Answer

Q9) Threshold limit of deduction of TDS of Non-Resident sportsperson u/s 194E by a resident payeris- Show Answer

Q10) Under TDS u/s 194G i.e. TDS on payment of commission on sale of lottery tickets, payer should be _____ and payee of tickets should be ______ for deduction of TDS. Show Answer

Q11) Who is required to deduct TDS on payment of commission u/s 194H Show Answer

Q12) No deduction u/s 194H i.e. IDS on commission is required if the amount of such income does not exceed _______ during FY. Show Answer

Q13) BSNL paid commission of Rs.20,000 to public call office franchisee. How much TDS is required to be deposited by BSNL? Show Answer

Q14) TDS @ ______ is attracted on payments made by television channels to the advertising agency for booking or procuring of or canvassing for advertisements u/s 194H Show Answer

Q15) Sec 194A puts liability to deduct TDS on interest u/s 194A on Show Answer

Q16) U/s 194A i.e. TDS on payment of interest, payer should be _____ and payee should be Show Answer

Q17) State whether true or false "In cases of banks where credit of interest is made to provisioning account on daily/monthly basis for the purpose of macro monitoring, TDS is required to be deducted." Show Answer

Q18) Rate of tax to be deducted u/s 194A i.e. IDS on payment of interest is- Show Answer

Q19) Bharti Ltd., bank paid Rs.7,000 interest on time deposits to Mr. San jay. IDS to be deducted by bank u/s 194A is- Show Answer

Q20) Bharti Ltd., bank paid Rs.35,000 interest on time deposits to Mr. Sanjay, aged 65 years. TDS to be deducted by bank u/s 194A is- Show Answer

Q21) Banks paid Rs.15,000 as savings bank interest to Mr. Neil aged 35 years. TDS required to be deducted by bank u/s 194A is- Show Answer

Q22) ABC Partnership Firm gave interest of Rs.25,000 to each of its partners A, B and C. TDS required to be deposited by ABC Partnership Firm u/s 194A will be- Show Answer

Q23) Interest on income tax refund received by BB Resident of Rs.12,000 from Central Government. IDS required to be deducted by CG will be- Show Answer

Q24) Mr. Jhunjhunwala has taken a loan on LIC policy from LIC of Rs.1,50,000 on 29/03/18, Mr.Jhunjhunwala paid Rs.15,000 as interest to LIC on 31/03/18. Mr. Jhunjhunwala is required to get his books audited in Previous Year 17-18. IDS to be deducted by him u/s 194A will be- Show Answer

Q25) Interest paid by partnership firm to Miss. Gunjan (debtor) of Rs.60,000 on 29/03/19. Partnership firm was not required to get its accounts audited in Previous Year 17-18. TDS required to be deducted by partnership firm u/s 194A will be- Show Answer

Q26) On interest is not required to be deducted u/s 194A in the following situations Show Answer

Q27) TDS on interest income accrued for and up to the period of death of depositor for deposit madeunder CG Account Scheme, 1988 is required to be deducted and reported against PAN of Show Answer

Q28) Sec 194B i.e. TDS on winnings from lotteries, crossword puzzles and horse races will be applicable when payer is _______ and payee is Show Answer

Q29) Mr. Akshay Kumar (Resident), won Rs.10,000 from KBC. IDS required to be deducted from Mr. Akshay Kumar u/s 194B will be ______ Show Answer

Q30) Mr. Govind won first prize in a lottery ticket and the prize was Maruti car worth Rs.5,00,000. IDS u/s 194B will be ______. Show Answer

Q31) Sec 194C i.e. TDS on payment to contractors and sub-contractors shall be applicable when payer is ____ and payee is _____. Show Answer

Q32) Mumbai University has entered into a contract with bus company Tata Ltd (resident) for providing bus facilities for their staff and paid Rs.1,20,000 for FY 18-19 to Tata Ltd. TDS required to be deducted under sec 194C will be Show Answer

Q33) Individual will deduct TDS only if its accounts are audited in the preceding Previous Year (T/o> 1 Crore or GR > 50 Lakhs). This criterion is applicable for deduction of TDS under which section? Show Answer

Q34) In which of the following situation, IDS is not required to be deducted on payment to contractor sunder sec 194C Show Answer

Q35) Kate of IDS u/s 194C on payment to contractors would be _______ % where the payee is an individual/ HUF and _______ % in respect of other payees. Show Answer

Q36) Shivaji Memorial, a REIT gave its building on rent to Mr. C. Total rent to be received by Mr. C is Rs.2,50,000. TDS required to be deducted under sec 194-1 by Mr. C will be Show Answer

Q37) Deduction is required to be made u/s 194-1 where the amount of such income paid during the FY to the account of the payee does not exceed Show Answer

Q38) Sec 194-1 is not applicable for some of the rental transactions. Which are they? Show Answer

Q39) Sec 194-IA i.e. TDS on payment for immovable property is not applicable to Show Answer

Q40) U/s 194-IA i.e. TDS on payment for transfer of certain immovable property other than agricultural land, transferor should be ______ and transferee should be Show Answer

Q41) In which of the following situation, sec 194-IA is not applicable Show Answer

Q42) Deducted u/s 194-IA shall be paid to CG within- Show Answer

Q43) Every person responsible for deduction of tax u/s 194-IA shall furnish the TDS certificate in Form No.- Show Answer

Q44) Form 16B i.e. IDS certificate u/s X94IA has to be submitted by buyer to seller within ____ days from the due date for furnishing challan cum statement in Form 26QB- Show Answer

Q45) Interest u/s 234B will be leviable when- Show Answer

Q46) Where regular assessment is made, interest u/s 234B will be leviable @ 1% from- Show Answer

Q47) Where an application u/s 245C i.e. to income tax settlement commission for any Assessment Year has been made, the assessee shall be liable to pay simple interest u/s 234B at the rate of 1% for every month or part of the month comprised in the following period- Show Answer

Q48) Where an application is filed u/s 245C, interest u/s 234B will be leviable @ l%on- Show Answer

Q49) Due dates of advance tax for non-corporate assessees are- Show Answer

Q50) How much % of advance tax needs to be paid for each installment- Show Answer

Q51) Under Sec 234C, interest will not be leviable if second installment is paid up to ______ % of assessed tax Show Answer

Q52) If third installment of advance tax is not paid within specified period, interest will be calculated for _____ months Show Answer

Q53) If fourth installment of advance tax is not paid within the specified time period, interest will be calculated for _____months Show Answer

Q54) Advance tax installment date for assessee declaring income as per Sec 44AD is- Show Answer

Q55) Sec 234D levies interest on- Show Answer

Q56) Where any refund is granted to the assesses u/s 14311 and no refund is regular assessment, the assessee shall be liable to pay simple interest at the rate of ______ on the whole or excess amount so refunded. Show Answer

Q57) Assessee was required to file IDS return for the third quarter or- 31/01/19 but filed the same on 28/02/19, Total IDS of third quarter was Rs.5,000. Total late fees to be payable u/s 234E will be- Show Answer

Q58) Mr. A whose total income in FY 18-19 is Rs.4,95,000 is required to file return for FY 12-13 but filed the return on 02/02/20, Late fees payable by him u/s 234F will be- Show Answer

Q59) Demand of Rs.10,00,000 was issued. Appeal was also filed and tax amount increased to Rs.12,00,000. Fresh notice of how much amount is required to be given- Show Answer

Q60) Intimation generated u/s 143(1) would be deemed as- Show Answer

Q61) When will the refund arise- Show Answer

Q62) In case of clubbing, refund can be claimed by- Show Answer

Q63) All the claims of refunds should be made in prescribed form- Show Answer

Q64) Rate of interest on refunds to be payable by CG to the assessee is- Show Answer

Q65) Where the refund is out of advance tax and the return is filed before the due date, then the period of interest will be calculated from- Show Answer

Q66) If amount of refund is increased due to order u/s 260, interest amount will be- Show Answer

Q67) Liability to deduct tax at source in case of salaries arises- Show Answer

Q68) Rate of deduction of TDS u/s 192 is- Show Answer

Q69) For deducting TDS u/s 192, employer will consider which of the following- Show Answer

Q70) Employer shall furnish to the employee, a statement in Form No. _____ giving correct and complete particulars of perquisites or profits in lieu of salary provided to him- Show Answer

Q71) Form 12BB is required to be submitted by employee to employer giving particulars of- Show Answer

Q72) Neena is an employee of hotel Company. Employer distributed tips received from customer to Neena. These tips are taxable in the hands of Neena under which of the following head- Show Answer

Q73) Employee makes withdrawal before continuous service of _____ years from Recognized Provident Fund, withdrawal will be subject to taxation and employee will not enjoy the benefit of exemption. Show Answer

Q74) Mr. Pizza is an employee of Dominos Company Ltd. since 05/06/15. He resigned on 31/03/19 and withdrew Rs.45,000 being balance in his EPF account. Calculate the amount of IDS required to be deducted by trustee of EPF account u/s 192A- Show Answer

Q75) U/s 192A i.e. deduction of IDS on premature taxable withdrawal from EPF, IDS @ ____ is deducted when employee does not furnish PAN. Show Answer

Q76) Sec 193 i.e deduction of TDS on interest on securities casts responsibility on ____ payer to deduct TDS on payment of interest on securities to _____ payee Show Answer

Q77) Nishta Ltd paid interest on debentures of Rs.6500 to resident utsav. TDS u/s 193 required to be deducted by Nishta Ltd will be- Show Answer

Q78) Hr, Roti purchased 7.75% Savings (taxable) Bonds, 2018 02/94(18 Md received interest of Rs.8,000 on these bonds. IDS of Mr. Roti required to be deducted for 18-19 vk 193 is- Show Answer

Q79) ite whether Sec 194C is applicable in the following cases-
(i) Transportation charges paid by the purchaser to owner of natural gas who transports the gas for the purchaser
(ii) Transportation charges paid by the purchaser to third party who transported the gas sold by the owner.
Show Answer

Q80) . Broadcaster had made payment for acquisition of broadcasting/telecasting rights of content already produced by production house. Whether Sec 194C is applicable i.e. whether broadcaster is required to deduct IDS u/s 194C i.e. TDS on contractor of production house-

Show Answer

Q81) Sec 194-IB i.e. TDS on payment of rent casts responsibility on ______ to deduct TDS on paymentof rent to Show Answer

Q82) Rate of TDS u/s 194-IB i.e. TDS on payment of rent will be @- Show Answer

Q83) U/S 194IB i.e. TDS on payment of rent by Individual/HUF who is not required to get its accountsaudited, tax has to be deducted at source only if the amount of such rent exceeds Rs. Formonth or part of the month- Show Answer

Q84) Sunil Agarwal paid rent of Rs.7,20,000 i.e. Rs.60,000 per month for the FY 18-19. Mr. Sunil is not required to get his accounts audited u/s 44AB in Previous Year 17-18. Is Mr. Sunil required to deduct TDS? If yes, state the amount- Show Answer

Q85) State whether true or false "Deduction u/s 194IB is to be made at the time of credit of rent for thelast month of the Previous Year or last month of tenancy if property is vacated during the year." Show Answer

Q86) In which of the following Sec of IDS, TAN is not required to be taken by deductor of TDS- Show Answer

Q87) Sec 194IB requires deduction of IDS on payment of rent for- Show Answer

Q88) Sec 194IC casts responsibility on any person responsible for paying to a resident, any sum by way of consideration under specified agreement u/s 45(5A) to deduct income tax at the rate of- Show Answer

Q89) U/S 194J i.e. IDS on payment of professional services or technical services, if the payee is engaged in the business of operation of call centre, the tax shall be deducted @- Show Answer

Q90) Sec 194J is applicable for deduction of TDS on payment of- Show Answer

Q91) XYZ Ltd. makes a payment of Rs.28,000 to Mr. Ganesh on 02/08/18 towards fees for professional service and another payment of Rs.25,000 to him on the same date towards fees for technical services. TDS u/s 194J will be- Show Answer

Q92) In which of the following conditions, TDS u/s 194J will notbeapplicable- Show Answer

Q93) Third Party administrator (TPA) made payment to hospitals on behalf of insurance companies for settlement of medical claims. Whether TDS is required to be deducted by TPA? If yes, then under which section- Show Answer

Q94) Miss Dhaniya transferred the computer software to Mr. Nimbu for Rs.50,000. Mr. Nimbu paid Rs.50,000 and deducted TDS u/s 194J of Miss Dhaniya. Mr. Nimbu further transferred this computer software to Mr. Tomato for Rs.70,000 and gave a declaration along with PAN. TDS required to be deducted by Mr. Tomato will be- Show Answer

Q95) Rate of TDS u/s 194LA i.e. TDS on payment of compensation on acquisition of certain immovable property is @ ______ Show Answer

Q96) Sec 194LA requires deduction of IDS on payment of compensation on acquisition of- Show Answer

Q97) Central Government compulsorily acquired immovable property of Mr. Notes and paid
Rs.1,70,000 to him. IDs required to be deducted u/s 194LA is ________
Show Answer

Q98) Sec194LB requires deduction of TDS by infrastructure debt fund on payment of interest to- Show Answer

Q99) Rate of TDS u/s 194LB i.e. TDS on interest from infrastructure debt fund is- Show Answer

Q100) Indian Company paid Rs.55,000 as interest on long term bonds to Miss Fantasy (Non-Resident) for FY 18-19. Non-Resident did not furnish her PAN to Indian Company. TDS required to be deducted u/s 194LCwill be- Show Answer

Q101) Rate of TDS u/s 194LD i.e. TDS on interest on government securities or Rupee denominated bonds of an Indian Company payable to Foreign Institutional Investor (FID or Qualified Foreign Investor is ______ Show Answer

Q102) IDS u/s 195 is required to be deducted by _____ of ________ Show Answer

Q103) State whether true or false. "Sec 195 requires Jtc uction of tax on any payment made to nonresident by resident or non- resident. In this «ec s ?i- resident will deduct IDS of another Non Resident only if former has business connection in India." Show Answer

Q104) ABC Ltd a domestic company, paid dividend of Rs.1,20,000 to Shane Watson (Non Resident). IDS required to be deducted by ABC Ltd of Shane Watson u/s 195 will be: Show Answer

Q105) Mr. Y, paid Rs.5,50,000 as commission to mutual fund. TDS required to 2 deducted by Mr. Y is _____ Show Answer

Q106) State whether True or False "Payer is compulsorily required to deduct TDS ©rate specified in respective section. He cannot deduct TDS at lower rate." Show Answer

Q107) Partnership firm paid a rent of Rs.2,20,000 to Miss Goenka for machinery taken on rent. Miss Goenka furnishes declaration in writing in duplicate to partnership firm that tax on her estimated total income of Previous Year in which such income is to be included in computing her total income is Nil. TDS required to be deducted u/s 194-1 by partnership firm will be Show Answer

Q108) Partnership firm paid a rent of Rs.2,70,000 to Miss Goenka for machinery taken on rent. Miss loenka furnishes declaration in writing in duplicate to pa mership firm that tax on her estimated total income of Previous Year in which such income is a be included in computing her total income is Nil because after deduction under chapter Yl-A Total income is 2,40,000. IDS required to be deducted u/s 194-1 by partnership firm will be Show Answer

Q109) IDS is not required to be deducted in which of the following cases: Show Answer

Q110) Due date of payment of TDS is Show Answer

Q111) Due date of payment of TDS for the month of March is Show Answer

Q112) due date for filing TDS returns for the quarter ending 31stDecember is Show Answer

Q113) Due date for filing TDS returns for the quarter ending 31st March is Show Answer

Q114) Intimation with respect to processing of TDS returns should be sent to the deductor specifying his tax liability or refund due within Show Answer

Q115) Interest @ _____ is leviable per month or part of the month when TDS is deducted but not paid i.e.from the date on which tax was deducted to the date on which such tax is actually paid Show Answer

Q116) Form 16 shall be issued to the employee annually by _____ of the FY immediately following FY inwhich income was paid and tax was deducted. Show Answer

Q117) Form 16A shall be issued quarterly within _______ days from the due date for furnishing thestatement of TDS under Rule 31A Show Answer

Q118) Mon-furnishing of PAN by deductee in case of income by way of winnings from lottery, card gamesetc. would result in tax being deducted @ ____ Show Answer

Q119) Seller is engaged in the sale of coal. ICS required to be collected by seller is _____ Show Answer

Q120) Seiler is engaged in the sale of timber obtained under forest leaves. TCS u/s 206C(1) is ____ Show Answer

Q121) Sec 206C( 1F) provides that every person being a seller who receives any amount as considerationfor sale of motor vehicle of value exceeding _____ lakhs, shall collect tax from the buyer @ 1% of saleconsideration Show Answer

Q122) Mr. A, a seller, sold a car worth Rs.15 lakhs to Mr. B. TCS required to be collected u/s 206C(1F) is ______ . Turnover in the Previous Year 17-18 of Mr. A is Rs.105 lakhs. Show Answer

Q123) Asha and Company, wholesaler of car sold a car for Rs.15 lakhs to Aakriti a retailer.TCS required to be collected u/s 206C(1F) is ______. Show Answer

Q124) According to sec 2060(1 F), ICS @1% is applicable to ______ sale, Show Answer

Q125) Sec 2060(1 F) i.e. ICS @1% on sale of motor vehicles is to be collected by which of the following Show Answer

Q126) Due date of depositing TCS collected is ______ to Central Government. Show Answer

Q127) Due date of furnishing TCS statements for the quarter ended 31st December is ____ Show Answer

Q128) Due date of furnishing TCS statements for the quarter ended 31st March is _____ Show Answer

Q129) As per sec 208, obligation to pay advance tax arises when advance tax payable is? ______or more Show Answer

Q130) Mr. Mohanlal, aged 65 years has an income tax payable of Rs.30,000 during the FY 18-19. Hismain sources OF income was IFOS, capital gain and house property. Is advance tax payable byhim? Show Answer

Q131) When is interest u/s 234A leviable? Show Answer

Q132) State whether true or false. "No interest u/s 234A shall be charged on self-assessment tax paid by the assessee on or before due date of filing of return." Show Answer

Q133) Tax is deductible u/s 194B @30% Show Answer

Q134) An interior decorator has opted for presumptive taxation under section 44ADA for Assessment Year 19-20. He is liable to pay advance tax Show Answer

Q135) deferment of advance tax _______ Show Answer

Q136) For non-payment or short payment of advance tax- Show Answer

Q137) Mr. A, a salaried individual, pays rent of Rs.51,000 per month to Mr. Bfrom June 2018. Which of the statements is true- Show Answer

Q138) Interest payable by a non-corporate assessee for deferment of advance tax is Show Answer

Q139) The maximum amount of rent payment where deduction of tax at source is not required in a financial year is - Show Answer

Q140) Regular assessment means assessment made under section-
Show Answer

Q141) At what rate, will the tax be deducted at source by a banking company, responsible for paying to a resident any income by way of interest other than interest on securities amounting to more than Rs.40,000, when the payee does not furnish his PAN to deductor - Show Answer

Q142) In a contest, Amit wins 50,000 cash and a motor-cycle worth 50,000. The amount of tax deducted at source will be - Show Answer

Q143) 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

Q144) It is not mandatory for an assessee to file a return of loss, if it pertains to --
Show Answer

Q145) Any person who has not filed the return within the time allowed under section 139(1) or within the time allowed under a notice issued by the Assessing Officer under section 142(1), may file a belated return u/s
139(4) -
Show Answer

Q146) In the case of an individual assessee, the return of income must be signed and verified by following, except Show Answer

Q147) If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may initiate proceedings of --

Show Answer

Q148) 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

Q149) Interest payable under section 234C is computed at- Show Answer

Q150) Interest for default in payment of installment(s) of advance tax is levied under section-
Show Answer

Q151) Under section 208, it is obligatory for an assessee to pay advance tax where the tax payable is -
Show Answer

Q152) An individual having income from proprietary business is required to file the return of income in
Show Answer

Q153) An HUF, not subject to tax audit in the earlier year, paying fees of 35,000 to a Practicing Company Secretary shall -
Show Answer

Q154) Interest for deferment in payment of advance tax under section 234C is calculated on the tax liability computed on:
Show Answer

Q155) The 'due date' specified under section 139(1) for filing the return of income in case of companies engaged in international transactions and who have to furnish a report under section 92E is:
Show Answer

Q156) A return of income when notified as defective, has to be rectified within:
Show Answer

Q157) The person responsible for paying any income by way of winnings from lottery an amount exceeding 10,000, shall deduct: Show Answer

Q158) An assessee is required to make payment of interest where he failed to make the payment of demand before the expiry of 30 days from the service of notice of demand @: Show Answer

Q159) The premises of an assessee within the jurisdiction of an Assessing Officer can be surveyed by such Income-tax Authority: Show Answer

Q160) Quoting of PAN is mandatory when a person is entering into following transactions:
(1) Sale of immovable property of Rs.5 lakh or more
(2) Deposit of Rs.50,000 or more in Post Office Savings Bank
(3) Deposit of cash aggregating 40,000 in one day in a bank
(4) Contract of sale and purchase of securities exceeding Rs.1 lakh Select the correct answer from the options given below: Show Answer

Q161) A partnership firm having 9 trucks engaged in the business of plying these trucks on hire is to file its return of income for the assessment year 2023-24 on the basis of provisions of section 44AE. The partnership firm is required to file its return of income in: Show Answer

Q162) Laxmi & Co. paid Rs.6,10,000 as contract payments to Monu Ltd. during the financial year 2022-23. It did not deduct tax at source under section 194C. The amount liable for disallowance is Show Answer

Q163) A return filed by Ms. Mala was found to be defective. The Assessing Officer gave notice of the defect to the assessee. The time-limit for rectification of the defect is -
Show Answer

Q164) Raghu, aged 62 years, has pension income of Rs.2,40,000 and rental income (computed) of Rs.3,60,000 for the financial year 2022-23. How much amount he must have paid as advance tax in September, 2022-
Show Answer

Q165) Zeet Ltd. engaged in manufacturing of cement also had wind mills to generate power. Entire power generated by it was used by its wholly owned subsidiary Zoom Ltd. The amount received for the said power supply was Rs.7 crore. Zeet Ltd. disclosed total income of Rs.10 crore for the assessment year 2022-23. The due date for filing return of income by Zeet Ltd. is -
Show Answer

Q166) A non-resident Indian is not required to furnish his return
of income under section 139(1) if his total income in respect of which he is
assessable under the Income-tax Act, 1961 during the previous year consists of-
Show Answer

Q167) While making payment of winnings from horse race, tax will be deducted at source, if the payment exceeds - Show Answer

Q168) Interest is payable to assessee on refund under the Income-tax Act, 1961 at the rate of -
Show Answer

Q169) Pradip acquired an urban land from Chitra for Rs.70 lakh on such transaction- 10th October, 2022. At what rate, tax is deductible at source in respect of such transaction- Show Answer

Q170) Deduction of tax from salary as per Section 192 shall be at-
Show Answer

Q171) Rohan won a State Government lottery of Rs.1,00,000 on 11th October, 2022. The government should deduct tax on such winning amounting to - Show Answer

Q172) As per Section 139(1), an individual other than an individual of the age of 60 years or more shall have to file return of income if -
Show Answer

Q173) The due date of filing the return of income for assessment year 2023-24 in case of a working partner of a firm whose accounts are liable to be audited shall be -
Show Answer

Q174) The notice under section 143(2) must be served within Show Answer

Q175) if a payee eligible for commission exceeding Rs.15,000 does not furnish his PAN to the payer, tax is deductible at source at -
Show Answer

Q176) 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

Q177) If there is an apparent error in the intimation dated 11th June, 2022 issued under section 143(1), the time-limit for filing application for rectification under section 154 is available up to -
Show Answer

Q178) When an assessee has paid advance tax more than the tax due on the returned income and the return is filed before the 'due date' specified in Section 139(1), the refund amount is eligible for interest @ Show Answer

Q179) 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 - Show Answer

Q180) 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

Q181) The liability to pay interest under section 234B would arise when the advance tax plus TDS/TCS to the credit of the assessee is less than -
Show Answer

Q182) A senior citizen is not liable for advance tax, if he does not get any income from Show Answer

Q183) 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

Q184) Quoting of PAN is not necessary in the case of
Show Answer

Q185) Payment of advance tax on or before due date is termed
as-
Show Answer

Q186) Mr. Nitin after serving Lion Ltd. for 4 years resigned his job to commence a business of his own. His provident fund account consisted of his own contribution Rs.50,000; employer's contribution Rs.50,000 and interest of Rs.20,000 being attributable equally to the said contributions. How much would be the amount deductible at source under section 192A? Show Answer

Q187) Mr. Ravi solved a crossword puzzle and received Rs.84,000 after deduction of tax at source. His income from crossword puzzle chargeable to tax would be:
Show Answer

Q188) Zeet & Co. is a partnership firm whose turnover for the previous year 2022-23 was Rs.220 lakhs. The 'due date' for filing the return of income of the firm is: Show Answer

Q189) Chatterjee filed his return of income for the assessment year 2023-24 on 10-06-2023. He is eligible to revise his return:
Show Answer

Q190) An apparent error in the assessment order passed u/s 143(3) dated 15-11-2022 was noticed by the assessee in February, 2023. The time limit for seeking rectification of mistake is available up to: Show Answer

Q191) The amount specified in notice of demand must be paid within ___ days otherwise the assessee would be treated as assessee
in default. Show Answer

Q192) A Co. Ltd. made payments to B Co. Ltd. towards contracts executed during the financial year 2022-23. They are (i) contract-1 Rs 15,000 on 15-06-2022; (ii) contract -2 Rs 22,000 on 29-09-2022; (iii) contract -3 Rs 27,000 on 30-12-2022; and (iv) contract-4 Rs 29,000 on 13-03-2023. The tax deductible at source would be: Show Answer

Q193) P & Co. a partnership firm whose turnover was Rs 42,60,000 in the previous year 2021-22 and Rs 1,01,30,000 in the previous year 2022-23 paid brokerage of Rs 21,000 to Mr. Ashwin during the financial year 2022-23. Mr. Ashwin furnished his PAN to the firm. The amount of tax deductible at source on such brokerage payment would be: Show Answer

Q194) Mr. Rajan (a trader in furniture items) acquired a motor car for Rs.11 lakhs by availing loan from a nationalized bank. The amount was paid by demand draft. The amount of tax collectible at source by the car dealer who sold the car is: Show Answer

Q195) Mandatory filing of return of income by individuals will apply when the total income before deduction under the following section exceeds the basic limit chargeable to tax. Show Answer

Q196) LM, a co-operative society, has paid interest of Rs.1,05,000
to PQ, another co-operative society. The tax to be deducted at source u/s 194A is : Show Answer

Q197) Mr. Rajesh had a turnover of Rs.3 crore during the year ended 31st March, 2022. During the F.Y. 2022-23, he paid a sum of Rs.10 lakh to E, an Engineer for construction of his self-occupied residence and Rs.25 lakh to E, for construction of office building. The amount of tax to be deducted at source from payments made to E is: Show Answer

Q198) Where the advance tax paid on or before March, 2023 is less than 100% of the tax due on the total income declared in the return of income, as reduced by tax deducted at source, the assessee shall be making payment of interest on the amount of shortfall on the returned income so declared at the rate of............... per month for the period of delay. Show Answer

Q199) ABC Limited has filed its return of income for A.Y. 2023-24 as per section 139(1) but had failed to make the payment of tax on the returned income as per section 140A. The return so filed by ABC Limited shall be treated as:
Show Answer

Q200) The time limit prescribed u/s 153 for completion of the regular assessment u/s 143(3) and a best judgment assessment u/s 144 is .... months from the end of the assessment year in which the of income was first assessable. Show Answer

Q201) The A.O. can complete the assessment u/s 144 of the Act even though there is no failure on the part of assessee u/s 139(1), 139(4), 139(5), 142(1), 142(2A) or 143(2) of the Act. Such powers by the A.O. may be exercised in the following situations:
Show Answer

Q202) Payment of 2,00,000 was made to Krishna Roadways Pvt. Ltd. owing nine heavy goods carriages and having PAN which was furnished by them to the payer of freight GG Carriers. The amount of tax to be deducted by the payer on such amount is ____ as per section ___ Show Answer

Q203) State whether tax is required to be collected at source (TCS) under the provision of section 206C of Income Act, 1961 by a person making ______ . Show Answer

Q204) It is obligatory for an assesse to make payment of tax under section 208 of Income Tax Act, 1961 ____. Show Answer

Q205) Interest is payable to an assesse on the amount of refund under the Income Tax Act, 1961 where the amount of refund is
Show Answer

Q206) Wealth Maximization Fund Limited had paid an amount of interest of Rs.20 lakh in respect of money borrowed outside India on rupee denominated bonds to a foreign Institutional Investor. Wealth Maximization Fund Limited is required to deduct tax at source out of such payment of interest on these bonds at the rate of.....
Show Answer

Q207) A house property owned by Nitin, a non-resident, at Delhi was agreed to be sold to Ramesh for a consideration of Rs.70,00,000. Ramesh has stated to Nitin that the payment of sale consideration shall be subject to TDS and the amount of TDS on the sale consideration will be @............ as per section.......... of the Income Tax Act, 1961. Show Answer

Q208) The quarterly return of TDS relating to payments made to non-resident and the foreign company being a unit holder of mutual funds is to be filed in return form number: Show Answer

Q209) Wherever any tax, interest, penalty or other sum under the I.T. Act is payable, the Assessing Officer has to serve upon the assessee a notice of demand as per Rule 15 and 38 under section..........of the I.T. Act, 1961. Show Answer

Q210) Where the advance tax paid on or before March, 2023 is less than 100% of the tax due on the total income declared in the return as reduced by the amount of tax deducted at source, the assessee shall be making payment of interest on the amount of shortfall for the tax due on the returned income so declared per month at the rate of.......... Show Answer

Q211) Rakesh entered into a Joint Development Agreement with Reality Builders Pvt. Ltd. for developing a project on the land owned by him during the previous year 2022-23 and the builder who agreed to make the payment of Rs.50 lakh to Rakesh paid the same to him on execution of the Joint Development Agreement. The amount of TDS u/s 194-IC required to be deducted, on the amount of Rs.50 lakh shall be. Show Answer

Q212) Quoting of PAN is compulsory/mandatory in respect of financial transactions undertaken during the year by an assessee. Find from the following transactions in which quoting of PAN is compulsory/mandatory: (i) deposit of cash of Rs.60,000 on 11.06.2022 in bank account
(ii) payment of Rs.40,000 made to hotel Raj Palace in cash on 11.07.2022 (iii) payment for purchase of travel ticket, to travel agent in cash of 55,000 on 10.05.2022
(iv) payment of Rs.5,00,000 to RBI for purchase of Capital Gain Bonds as per section 54EC on 5.05.2022
Show Answer

Q213) DAB Builders entered into a registered agreement with Lallu Ram Yadav owning a land located at Jaipur under Joint Development Agreement to develop a real estate project on such land and in consideration of his share of being land in such project on the date of entering in the Joint Development Agreement paid an amount of Rs.50 lakh by Account Payee Cheque in January, 2023. The amount of TDS to be deducted by DAB Builders on such payment shall be Rs ____ . Show Answer

Q214) CK & Company is engaged in the diversified business of sale of Indian made foreign liquor, tendu leaves, forest produce neither being timber nor tendu leaves required to collect TCS as per section 206C of the Income Tax Act on the amount of sale proceeds of these products/items during the previous year ended on 31.03.2023 at the rate of Show Answer

Q215) The return of income for the previous year 2022-23 required to be filed by an individual who is not a senior citizen as per section 139(1) of the Act by 31st October, 2023. However, the assessee finds that he cannot file the return as per 139(1) within the due date. Can he file his return of income after the due date and if yes, by which date/time? Show Answer

Q216) For which of the following transactions, quoting of PAN is mandatory? Show Answer

Q217) Botham Mfg. (P) Ltd paid Rs.4,25,000 to LMN Services (P) Ltd who is engaged in operation of call centre for the company for the period from 01.09.2022 to 31.03.2023. How much is the amount of tax deductible assurce by Botham Mfg (P) Ltd out of the amounts paid to LMN Services (P) Ltd? Show Answer

Q218) EXE Automobiles (P) Ltd a dealer in motor car sold one motor car to A (having PAN) for Rs.12,60,000 on 05.03.2023. How much is the amount of tax collectible at source? Show Answer

Q219) Manoj (age 45) earned Rs.5,20,000 from business and Rs.32,000 as interest on fixed deposits held with Canara Bank for the year ended 31st March, 2023. How much would be the amount of tax deductible at source by the bank on the said deposit? Show Answer

Q220) Ramesh (age 75) engaged in business has total income of Rs.8,00,000 for the year ended 31st March, 2023. How much of advance tax, he must have paid before 15th December, 2022? Ignore section 115BAC. Show Answer

Q221) For which of the following, the filing of return of income is mandatory?
Show Answer

Q222) A assessee has admitted total income of Rs 5,50,000 and filed return of income in the month of January of the assessment year (i.e. for asst. year 2022-23 in March 2023). How much is the fee payable under section 234F? Show Answer

Q223) The notice of demand after completion of assessment as per section 156 of the Income Tax Act, 1961 in respect of tax payable on the income of the transferred asset to be clubbed in the hands of transferor can be served on...... Show Answer

Q224) As per section 192A of the Income Tax Act, 1961 premature withdrawal made from recognized P.F. would attract TDS at the rate of: Show Answer

Q225) Tax deducted is deemed to be income received for the purpose of computing the income of an assessee as per section 198 of the Income Tax Act, 1961. However, tax deducted.............is an exception and would not be deemed to be an income received during the previous year chargeable to tax under the Act. Show Answer

Q226) Payment of advance tax is to be made in four installments on or before 15th June, 15th Sept., 15th Dec. and 15th March by the assessee. However, the benefit of payment of advance tax in one instalment on or before 15th March is available to an assessee who is computing profits on presumptive basis.............of the Income Tax Act, 1961. Show Answer

Q227) Star Ltd. in whose case the due date of filing the return of income for the A.Y.2022-23 was 30.09.2022 failed to file its return of income despite of notices issued by the A.O. The A.O completed the assessment as per section 144 on 24.12.2023 and determined a tax liability of Rs.2,20,000 without giving credit of advance tax and TDS but before charge of interest as per sections 234A,234B and 234C. Star Ltd. had paid advance tax of Rs.40,000 and TDS of Rs.18,000. Determine the amount of interest payable in this context as per section 234B of the Act, by Star Ltd. : Show Answer

Q228) The person responsible for paying the income/amount which is subject to TDS/TCS is under obligation to deduct/collect the Tax at Source and therefore, as per provisions under the Income Tax Act is required to apply for Tax Deduction Account Number (TAN) in the application to be filed online in Form No. ____ Show Answer

Q229) Quarterly return of TDS in Form No.24Q,26Q or 27Q is required mandatory to be filed as E-TDS return in electronic media only where..
Show Answer

Q230) Every person engaged in carrying on business is mandatorily required to apply for allotment of PAN, in case the total sales exceed of Rs ____during the previous year. Show Answer

Q231) The due date specified u/s 139(1) for filing the return of income in case of companies engaged in international transactions and who have to furnish a report u/s 92 E is:
Show Answer

Q232) The liability to pay interest u/s 234B would arise when the advance tax plus TDS/TCS to the credit of the assessee is less than: Show Answer

Q233) Which of the following returns can be revised under section 139(5) of Income Tax Act, 1961 ?
(i) A return of income filed u/s 139(1)
(ii) A belated return of income filed u/s 139(4)
(iii) A return of loss filed u/s 139(3)
Choose the correct answer: Show Answer

Q234) Sirish's father is dependent on him and suffering with 90% disability. Sirish has incurred an amount of Rs.98,000 during the financial year 2022-23 in maintaining and on medical treatment of his father. The deduction he can claim in his income tax return for Assessment Year 2023-24 if opted for section 115 BAC is: Show Answer

Q235) Deepika won Rs 8,500 from Rajasthan Patrika Crossword Puzzle. Determine the amount of Tax to be deducted as per section 194B of Income Tax Act, 1961. Show Answer

Q236) Raja Ltd. makes the following payments to Rani, a contractor, for work contract during the Previous Year 2022-23:
of:
Rs 25,000 on 10th May, 2022 Rs 22,000 on 10th August, 2022 Rs 27,000 on 10th December, 2022
On 10th March, 2023, a payment of Rs.30,000 is due to Rani on account of a work contract. Determine the liability of Raja Ltd. to deduct tax at source under section 194C from payments made to Rani on 10th March, 2023. Show Answer

Q237) Suresh died on 30th March, 2022 & his total income till this date was Rs.5,55,000. Thereafter the business of Suresh was inherited by his son Kishan and his total income from such business was Rs.4,25,000. The son does not have any other income. In this case the son:

Show Answer

Q238) The Intimation order u/s 143(1) of Income Tax Act, 1961 cannot be sent after the expiry of:
Show Answer

Q239) Tax is to be deducted at source under section 192 on salaries at the time of: Show Answer

Q240) The salary for the purpose of deduction of tax at source shall be rounded off to nearest: Show Answer

Q241) Liability to deduct tax at source in case on income from interest on securities arises at the time of:
Show Answer

Q242) No deduction of tax at source on interest on listed debentures is to be done by widely held company: Show Answer

Q243) Tax shall be deducted @ 7.5% if the interest payable on 8% Savings (Taxable) Bonds, 2003 exceeds ___ during the financial year. Show Answer

Q244) Vinod deposited a sum of Rs.1,00,00,000 with a scheduled bank for a
year at the interest rate of 6% p.a. Bank should make TDS amounting to: Show Answer

Q245) Mukunth has won a state government lottery of Rs.1,00,000 on 11.10.2022. The state government should deduct tax on such winning amounting to: Show Answer

Q246) Madhu has won the horse race and is entitled to a prize of Rs.10,00,000. The race club should deduct TDS amounting to: Show Answer

Q247) A company has given an advertising contract to an advertising agency which is a company. On 5.11.2022 it has paid a sum of Rs.2,40,000 to advertising agency. Company should deduct tax amounting to: Show Answer

Q248) Ashni Continental Limited, has credited a sum of Rs.80,000 to the account of its chartered accountants, a sole proprietary firm during the previous year 2022-23. The company should deduct tax amounting to:

Show Answer

Q249) No tax is to be deducted at source if the amount credited paid to the
contractors during the relevant previous year does not exceed: Show Answer

Q250) No tax is to be deducted at source if the amount credited paid to the contractors during the relevant previous year as fee for profession or technical services does not exceed: Show Answer

Q251) Joseph Limited has taken a house on rent @20,000 p.m. from Shiva an individual. Joseph Limited should deduct tax on account of such rent paid credited amounting to: Show Answer

Q252) Filing of Income Tax Return is compulsory if individual's-
Show Answer

Q253) Due date for filing of Return in case of individual-
Show Answer

Q254) If there is a loss under the head house property, it will be allowed to be
carried forward (if it could not be set off from other heads of income). In this case, however the assessee:
Show Answer

Q255) Due date for filing of Return in case of firm or company is
Show Answer

Q256) All companies other than those covered u/s 8 of the Companies Act, 2013 are required to file return of Income in:
Show Answer

Q257) Form No. ____
is applicable to any person who is required o file a return u/s 139(4A)/(4B)/(4D). Show Answer

Q258) Consequences in the case of not rectifying defect with in specified/extended time limit is
Show Answer

Q259) A revised return may file before the -
Show Answer

Q260) Number of Digits in PAN are- Show Answer

Q261) Type of assessment is-
Show Answer

Q262) Income escaping assessment section is- Show Answer

Q263) Section of self assessment is- Show Answer

Q264) Quoting of Permanent Account Number (PAN) mandatory when the cash deposit in a bank account exceeds: Show Answer

Q265) A fixed deposit of Rs 90,000 made by Mr. P on 5-11-2017 was detected on 7-9-2022. The time limit for issue of notice u/s 148 is: Show Answer