TDS, Advance Tax, Interest Payable By/To Assessee – CS Executive Tax Laws MCQs

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TDS, Advance Tax, Interest Payable By/To Assessee – CS Executive Tax Laws MCQs

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Where the advance tax paid on or before March 2021 is less than 90% 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

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The quarterly return of TDS relating to payments made to non-resident and the foreign company being a unitholder of mutual funds is to be filed in return form number :

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A house property owned by Nitin, a non-resident, at Delhi was agreed to be sold to Ramesh for consideration of ₹ 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.

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Wealth Maximization Fund Limited had paid an amount of interest of ₹ 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

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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 2018-19 and the builder who agreed to make the payment of ₹ 50 lakh to Rakesh paid the same to him on the execution of the Joint Development Agreement. The amount of TDS u/s 194-IC required to be deducted on the amount of ₹ 50 lakh shall be

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Sagar engaged in a business, booked a marriage hall of Yash having PAN for conducting mega sale during festival season of FY 2020-21, and paid rent of ₹ 55,000 for 3 days period. His total turnover for financial year 202021 is ₹ 85 lakhs.The amount of Tax Deduction at Source (TDS) to be made by Sagar on the amount of rent paid will be:

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Prakash maintained a recurring deposit by paying ₹ 20,000 per month in a bank. The interest accrued and credited during 2020-21 on such deposit is ₹ 15,000.The amount of TDS required to be deducted by the bank would be

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Ashish, director of QPR Ltd. is eligible for board sitting fees of ₹ 10,000 for every meeting attended by him. During the year 2020-21, he had attended six meetings.The amount of tax required to be deducted from such sitting fees to be paid to Ashish by the company shall be:

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Interest is payable to an assessee on the amount of refund under the Income Tax Act, 1961 where the amount of refund is

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It is obligatory for an assessee to make payment of tax under section 208 of the Income Tax Act, 1961

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Tax is required to be collected at source (TCS) under the provision of section 206C of Income-tax Act, 1961 by a person making

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Payment of ₹ 2,00,000 was made to Krishna Roadways Pvt. Ltd. owning 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

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Where the advance tax paid on or before March 2021 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.

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Mr. Rajesh had a turnover of ₹ 3 Crore during the year ended 31st March 2020. During the FY 2020-21, he paid a sum of ₹ 10 lakh to E, an Engineer for the construction of his self-occupied residence, and ₹ 25 lakh to E, for the construction of the office building.

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

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Mr. Rajan (a trader in furniture items) acquired a motor car for ₹ 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:

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P & Co. a partnership firm whose turnover was ₹ 42,60,000in the previous year 2019-20 and ₹ 1,01,30,000 in the previous year 2020-21 paid brokerage of ₹ 21,000 to Mr. Ashwin during the financial year 2020-21. Mr. Ashwin furnished his PAN to the firm.

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A Co. Ltd. made payments to B Co. Ltd. towards contracts executed during the financial year 2020-21. They are(i) Contract-1 ₹ 15,000 on 15.6.2020 (ii) Contract-2 ₹ 22,000 on 29.9.2020 (iii) Contract-3 ₹ 27,000 on 30.12.2020 (iv) Contract-4 ₹ 29,000 on 13.3.2021 The tax deductible at source would be:

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

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When an employee makes a premature withdrawal from employees provident fund account, the requirement of the deduction is attracted when the quantum of withdrawal exceeds

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A senior citizen is not liable to pay advance tax if he does not have income from

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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

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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

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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 @…….

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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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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 –

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If a payee eligible for commission exceeding ₹ 50,000 does not furnish his PAN to the payer, tax is deductible at source at

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Rohan won a State Government lottery of ₹ 1,00,000 on 11th October 2020.The government should deduct tax on such winning amounting to

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Deduction of tax from salary as per Section 192 shall be at

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Pradip acquired urban land from Chitra for ₹ 70 lakh on 10th October 2019.At what rate, tax is deductible at source in respect of such transaction?

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Interest is payable to the assessee on refund under the Income Tax Act, 1961 at the rate of

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Raghu, aged 62 years, has a pension income of ₹ 2,40,000 and rental income (computed) of ₹ 3,60,000 for the financial year 2020-21.How much amount be must have paid as advance tax in September 2020?

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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 @

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The person responsible for paying any income by way of winnings from lottery an amount exceeding ₹ 10,000, shall deduct

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Interest for deferment in payment of advance tax u/s 234C is calculated on the tax liability computed on

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Steam (P) Ltd. reports a total income of ₹ 20 lakhs for the year ended 31st March 2021. Turnover of the company never exceeded ₹ 400 crores in past.The total tax liability payable before 15th September, 2020 by way of advance tax is

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Laxmi & Co. paid ₹ 6,10,000 as contract payments to Monu Ltd. during the financial year 2020-21. It did not deduct tax at source u/s 194C.The amount liable for disallowance is

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A HUF, not subject to tax audit in the earlier year, paying fees of ₹ 35,000 to a Practising Company Secretary shall

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U/s 208, it is obligatory for an assessee to pay advance tax where the tax payable is

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Interest for default in payment of installments of advance tax is levied u/s

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Interest payable u/s 234C is computed at

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Zen Ltd. made a payment of ₹ 11,00,000 to Amar, a resident transport contractor who has intimated his PAN details.The tax to be deducted at source u/s 194C will be

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Which of the following assessee is not liable to pay advance tax u/s 207?

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An assessee liable to pay advance tax is not liable to pay interest u/s 234B if the advance tax paid by him is not less than

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Calculate advance tax payable by Sumit on or before 15th September 2020 from the following:Rent from house property ₹ 75,000 per month;Municipal taxes paid by him ₹ 60,000.

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In a contest, Amit wins ₹ 50,000 cash and a motorcycle worth ₹ 50,000.The amount of tax deducted at the source will be

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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 ₹ 10,000, when the payee does not furnish his PAN to the deductor

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The maximum amount of rent payment where deduction of tax at source is not required in a financial year is

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Interest payable by a non-corporate assessee for deferment of advance tax is

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