Practice Test

Q1) Deduction of tax from Salary u/s 192 shall be: Show Answer

Q2) The deduction of tax at source from the salary shall be made at the time of: Show Answer

Q3) The salary for the purpose of deduction of tax at source shall be rounded off to nearest: Show Answer

Q4) Liability to deduct tax at source in case on income from interest on securities arise at the time of: Show Answer

Q5) No deduction of tax at sources on interest on listed debentures is to be done by widely held company. Show Answer

Q6) The rate of T.D.S. in case of listed debentures for the financial year 2015-16 is: Show Answer

Q7) Suddheer an individual who is not carrying on a business has borrowed a sum of Rs. 1,00,000 on 01.04.2016 @ 18% p.a. from a Finance Company. He in this case should deduct tax on such interest paid amounting to: Show Answer

Q8) Shankar has deposited a sum of Rs. 1,00,000 on 01.04.2016 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

Q9) Vinoth 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

Q10) Mukunth has won a state government lottery of Rs. 1,00,000 on 11.10.2015. The state government should deduct tax on such winning amounting to: Show Answer

Q11) Venkat has won a horse race on 11.10.2015 and is entitled to a prize of Rs.2,00,000. The race club should deduct the TDS amounting to: Show Answer

Q12) 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

Q13) A company has given an advertising contract to an advertising agency which is a company. On5.11.2015 it has paid a sum Rs. 2,40,000 to advertising agency. Company should deduct tax amounting to: Show Answer

Q14) Krish Associates a firm of contractors have given some work contract to Ganesh Limited. On 6/10/2015 it has made a payment of Rs.4,00,000 to Ganesh Ltd. Krish Associates should deduct tax amounting to: Show Answer

Q15) Vinoth 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 2015-16. The company should deducted tax amounting to: Show Answer

Q16) Samuel 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 2015-16. The company should deduct tax amounting to: Show Answer

Q17) No Tax is to be deducted at source if the amount credited paid to the contractors during the relevant previous year does no exceed: Show Answer

Q18) 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

Q19) 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

Q20) Joseph Limited has taken a showroom on rent @ 25,000 p.m. from Shiva limited. Joseph Limited should deduct tax at source amounting to: Show Answer

Q21) Joseph has taken a house on rent on 01.11.2015 @ Rs.20,000 p.m. Shiva Limited. Joseph should deduct tax at source amounting to: Show Answer

Q22) As per Sec.139(1), a Company shall have to file return of income: Show Answer

Q23) As per Sec. 139(1), a person other than a Company or Firm shall have to file return of income. Show Answer

Q24) The last date of filing the return of income u/s 139(1) for A.Y. 2016-2017 Show Answer

Q25) The last date of filing the return of income u/s 139(1) for A.Y. 2016-2017 in case of a non-corporate assessee who does not have any income under the head PGBP Show Answer

Q26) The last date of filing the return of income u/s 139(1). for assessment year 2016-17 in case of a non corporate business assessee who accounts are not liable to be audited shall be: Show Answer

Q27) The last date of filing the return of income u/s 139(1) for assessment year 2016-2017 in case of a Working Partner of a Firm whose accounts are liable to be audited shall be: Show Answer

Q28) All companies other than those covered u/s 8 of Companies Act, 2013 are required to file return of income in: Show Answer

Q29) Assessees other than Companies having income under PGBP are required to file return in: Show Answer

Q30) The filing of return of loss is: Show Answer

Q31) If the assessee has to carry forward the loss, the return of loss must be submitted: Show Answer

Q32) Belated return u/s 139(4) can be filed at any time: Show Answer

Q33) Where does the first level of Appeal lies: Show Answer

Q34) Revision under Income Tax is done by: Show Answer

Q35) Penalty for failure to comply with notice of Sec. 143(2) Show Answer

Q36) Penalty for failure to maintain books of Account: Show Answer

Q37) Penalty for failure to submit report u/s 92 E: Show Answer

Q38) Due date for filling of return of income of an individual is 31st July of the previous year. Show Answer

Q39) Return of income once filed cannot be revised. Show Answer

Q40) Tax return preparers are employees of income-tax department. Show Answer

Q41) The amount of tax payable by the assessee and the amount of refund due, under the provision of the income-tax Act, 1961 shall be rounded-off to the nearest __________. Show Answer

Q42) A partnership firm incurring loss need not to file return of income. Show Answer

Q43) The premises of an assessee within the jurisdiction of an assessing Officer can be surveyed by such income-tax authority Show Answer

Q44) Regular assessment means assessment made under section- Show Answer

Q45) It is not mandatory to file return of losses, if it pertains to – Show Answer

Q46) 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

Q47) Under section 153A, The Assessing Officer can assess or reassess the total income of each of such six assessment year together.

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Q48) 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-

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Q49) When an assessee has paid advance tax more than the tax due on returned income and the return is filled before due date, the refund amount is eligible for interest @ _______% p.a.

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Q50) ITR-1 & ITR-2 cannot be filed in electronic form. Show Answer

Q51) ITR-3 & ITR-4 can be filed in paper form. Show Answer

Q52) While filing the return of HUF, Female adult member can sign the return. Show Answer

Q53) Who shall sign the return of LLP? Show Answer

Q54) If self assessment tax not paid by the assessee before filing return, he will be treated as __________. Show Answer

Q55) Every person is liable to pay advance tax if advance tax payable is _________ or more. Show Answer

Q56) Under Best judgement assessment assessing Officer cannot assess the income below returned income. Show Answer

Q57) The Assessing Officer can direct the assessee to get the accounts audited if he has doubts about the correctness of the accounts.

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Q58) An individual having income from proprietary business is required to file the return of income in- Show Answer

Q59) The due date specified under section 139(1) for filling 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

Q60) A partnership firm having 6 trucks engaged in the business of playing truck on hair is to file its return of income for the assessment year 2017-18 on the basis of provisions of section 44AE The partnership firm is required to file its return of income in: Show Answer

Q61) All companies other than those covered u/s 8 of Companies Act, 2013 are required to file return of income in:

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Q62) The filing of return of loss is Show Answer

Q63) An individual having income from salary only is required to file the return of income in- Show Answer

Q64) Mr. Guru has income computed on presumptive basis u/s 44AD. Mr. Guru is required to file the return of income in-

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Q65) The _____________ may appoint such persons as it thinks fit to be income-tax authorities. Show Answer

Q66) The total tax payable is calculated on the total income of the assessee after considering which of the following? Show Answer

Q67) The work of income tax department became __________ due to the system of Self Assessment. Show Answer

Q68) Assessing Officer shall, if he considers necessary serve on the assessee a notice requiring him, on a date to be specified therein, either to attend his office or to produce, any evidence on which the assessee may rely in support of the return, but no notice shall be served on the assessee after the expiry of________ months from the end of the Financial year in which the return is furnished.

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Q69) The assessment of the total income or loss made by the Assessing Officer, after taking into account all relevant material which he has gathered, and after giving the assessee an opportunity of being heard, is called as ____________. Show Answer

Q70) For the assessment year 2016-17, Mr. Kartik files the ITR on 25th July 2017. Intimation under section 143(1) may be sent up to_____________.

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Q71) Where it is not clear as to who has received the income and prima facie, it appears that the income may have been received either by A or by B or by both together, the Assessing Officer can commence proceedings against ___________.

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Q72) The Valuation Officer shall send a copy of the report of the estimate within a period of _________ months from the end of the month in which a reference is made by the Assessing Officer to estimate the value, of any asset, property or investment.

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Q73) As per section 153 time limit for completion of Assessment is __________ from the end of the relevant Assessment Year in which income was first assessable. Show Answer

Q74) If the members of the Dispute Resolution Panel differ in opinion on any point, the point shall be decided according to the opinion of the __________ of the members. Show Answer

Q75) The time limit for rectification of mistakes is a period of _________ years from the end of the financial year in which the order sought to be amended was passed. Show Answer

Q76) What is the time limit for filing revised return for the FY 2016-17? Show Answer

Q77) Quoting of PAN is mandatory when a person is entering into following transactions:

1. Sales of immovable property of5 lakh or more
2. Deposit of Rs 50,000 or more in post Office savings a bank
3. Deposit of cash aggregating Rs 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 option gives below:
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Q78) Chand Ltd. filed its return of income on 7th December 2016 declaring loss of Rs 3,50,000 Later it noticed a claim of expenditure omitted in the return filed the revised return- Show Answer

Q79) PAN is not mandatory in case of Show Answer

Q80) All proceedings under the Income-tax Act before any income-tax authority must be deemed to be ___________ proceedings within the meaning of Sections 193 and 228 and for purposes of Section 196 of the Indian Penal Code. Show Answer

Q81) ____________ is a process where a person himself assesses his tax liability on the income earned during the particular previous year and submits Income Tax Return to the department. Show Answer

Q82) Under Best judgement assessment assessing Officer cannot assess losses lower than the returned losses. Show Answer

Q83) The assessing officer can reject the accounts book under section 145 and can make best judgment assessment under section 144 in which of the following condition? Show Answer

Q84) Section _________ gives power to the assessing officer that If the Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, assess or reassess income which has escaped assessment. Show Answer

Q85) For the assessment year 2017-18, Mr. Rajan files the ITR on 25th July 2017. Intimation under section 143(1) may be sent up to_____________. Show Answer

Q86) Mr. Ritesh and Mr. Pritesh, are best friends, the Assessing Officer found that it is not clear as to who has received the income it appears that the income may have been received either by Ritesh or by Pritesh or by both together, , the Assessing Officer can commence proceedings against ___________. Show Answer

Q87) As per the section 153A the Assessing Officer can assesses or reassesses the total income of ________ assessment years immediately preceding the assessment years relevant to the previous year in which search is conducted or requisition is made.

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Q88) The Assessing Officer may, for the purposes of assessment or reassessment, make a reference to a _____________ to estimate the value, including fair market value, of any asset, property or investment and submit a copy of report to him. Show Answer

Q89) As per section 153 time limit for completion of Assessment, where reference has been made to
Transfer Pricing officer under section 92CA (1), is __________ from the end of the relevant Assessment Year in which income was first assessable.

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Q90) What is the due date for e-filing if the assessee is a Charitable Trust; Where the income before claiming the exemption u/s 11 & 12 does not exceed the maximum amount not chargeable to tax? Show Answer

Q91) Belated return u/s 139(4) can be filed at any time for the FY 2016-17: Show Answer

Q92) P Ltd. Filed its Return of income Tax for AY 2017-18 on 30th March, 2018. The notice for making scrutiny assessment under section 143(3) can be served on the assessee upto: Show Answer

Q93) Assessee shall submit the audit report to the Assessing Officer if he has received order from the Assessing Officer within maximum of ________ days. Show Answer

Q94) The self - assessment tax computed u/s 140A by K is Rs. 65,000 which includes Rs. 25,000 as interest for late filing of return. The assessee deposited Rs. 30,000 as self - assessment tax. In this case: Show Answer

Q95) The time limit for filing an appeal before the appellate tribunal on receipt of an appeal order from the commissioner is _________ Days. Show Answer

Q96) Commissioner of income tax is appointed by __________.

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Q97) The commissioner (appeals) may confirm reduce or enhance the amount of tax assessed by the assessing officer Show Answer

Q98) The time limit for revision by commissioner of income-tax (CIT) under section 264 is Show Answer

Q99) Revision under income tax in done by- Show Answer

Q100) The maximum penalty leviable for failure to get account audited or to furnish report section 44AB is: Show Answer

Q101) An order passed by the commissioner (Appeals) should be communicated to: Show Answer

Q102) Where does the first level of appeal lies? Show Answer

Q103) The Appellate Tribunal is an Income-tax Authority. Show Answer

Q104) The Tribunal can pass an order of the stay only for a period not exceeding ________ days from the date of the order staying the demand. Show Answer

Q105) The first appeal can be filed by __________. Show Answer

Q106) The first appeal to Commissioner (Appeals) must be filed in Form No. ___________. Show Answer

Q107) What is the penalty in case of failure to keep or maintain books of A/C required u/s 44AA? Show Answer

Q108) As per section 271A, failure to keep maintain or retain book of account would attract penalty of- Show Answer

Q109) Penalty for failure to submit report u/s 92 E Show Answer

Q110) The assessment of Julie (Pvt.) Ltd under section 143(3) for the assessment year 2014-15 was completed on 12th October 2015 the notice of demand was served on 27th October 2015 the assessee has to file appeal before the commissioner (Appeals) within- Show Answer

Q111) Penalty for failure to collect tax at source as a percentage of tax to be collected is Show Answer

Q112) A survey is conducted in the premises of the assessee and assessment is reopened for some assessment years. An application for settlement could be made to the settlement commission when the additional amount of income -tax payable on the income disclosed in the application exceeds- Show Answer

Q113) The order of revision passed by commissioner under section 264 is- Show Answer

Q114) Any party which is aggrieved by an order passed by the Appellate tribunal may file an appeal to High court within- Show Answer

Q115) What is the minimum penalty in case of undisclosed income determined by the assessing officer u/s 158BC(c)? Show Answer

Q116) What is the maximum penalty in case of undisclosed income determined by the assessing officer u/s 158BC(c)? Show Answer

Q117) The maximum penalty leviable for failure to get accounts audited or to furnish report u/s 44AB is? Show Answer

Q118) Where the Assessing Officer is aggrieved by an order of the Commissioner of Income-tax (Appeals), further appeal in respect of same lies to: Show Answer

Q119) The order passed by the Commissioner (Appeals) should be communicated to: Show Answer

Q120) The time limit for filing an appeal to the Appellate Tribunal is: Show Answer

Q121) Revision of order not covered by section 263 can be done by the Commissioner:

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Q122) The minimum penalty for failure to comply with a notice under section 142(1) shall be ____________

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Q123) ABC ltd. entered into international transactions with Mark Ltd. of USA during the year ended on 31st march 2016 totaling Rs 1,000 lakh but failed to keep and maintain the information and documents in respect of such international transaction the assessing officer can levy a penalty on ABC ltd. For this default under section 271AA upto: Show Answer

Q124) The penalty under section 271F for failure to furnish the return of income before the end of the relevant assessment year shall be ____________

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Q125) What is the minimum penalty in case of concealment of the particulars of income? Show Answer

Q126) What is the maximum penalty in case of concealment of the particulars of income? Show Answer

Q127) What is the minimum penalty in case of Mr. Kaushik who fails to get accounts audited u/s 44AB, his total turnover for the previous year was Rs 15,00,000? Show Answer

Q128) What is the minimum penalty in case of failure to submit quarterly TDS/TCS returns? Show Answer

Q129) What is the maximum penalty in case of failure to submit quarterly TDS/TCS returns? Show Answer