Income tax procedure pleading Book Keeping and Accountancy Solved MCQs

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1.	The Income Tax Act 1961 came into force with effect from……..
A.	1st april 1962
B.	1st april 1961
C.	31st march 1961
D.	none of the above
Answer» A. 1st april 1962

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2.	Income Tax is charged in…….
A.	financial year
B.	assessment year
C.	previous year
D.	accounting year
Answer» B. assessment year

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3.	CBDT is control by…….
A.	central government
B.	state government
C.	both a and b
D.	none of the above
Answer» A. central government

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4.	Previous Year started from……
A.	april
B.	march
C.	january
D.	september
Answer» A. april

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5.	Income Tax is a……
A.	business tax
B.	profession tax
C.	direct tax
D.	indirect tax
Answer» C. direct tax

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6.	Interest u/s 234B is payable by an Assesse due to the following reason……….
A.	defaults in furnishing return of income
B.	defaults in payable of advanced tax
C.	defaults in installment of advanced tax
D.	defaults due to non-deduction tax at source
Answer» B. defaults in payable of advanced tax

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7.	In which of the following assessment procedure Assesse compute his taxable income as well as tax on it.......
A.	best judgment assessment
B.	reassessment
C.	self-assessment
D.	regular assessment
Answer» C. self-assessment

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8.	Tax is _ _ _ _ _ _ _ _ at source by the seller from the buyer at the time of debiting the amount account of the buyer or the receipt of payment whichever is earlier.
A.	deducted
B.	deposited
C.	payable
D.	collected
Answer» D. collected

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9.	Amount of advance tax paid on due date on or before December 15th by assessee is
A.	75% of advance tax payable
B.	30% of advance tax payable
C.	10% of advance tax payable
D.	5% of advance tax payable
Answer» A. 75% of advance tax payable

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10.	If recipient of income fails to furnish his Permanent Account Number to deduct of tax the tax shall be deducted
A.	at the rate specified in the relevant section
B.	at the rate or rates in forces
C.	at the rate of 20%
D.	higher of the above rate
Answer» D. higher of the above rate

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11.	The period of 12 months commencing on the first day of April every year and ending on 31st March is called as_ _ _ _ _
A.	previous year
B.	assessment year
C.	accounting year
D.	financial year
Answer» B. assessment year

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12.	The highest Administration Authority for Income Tax in India is_ _ _ _ _
A.	finance minister
B.	cbdt
C.	president of india
D.	director of income tax
Answer» B. cbdt

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13.	The number allotted by income tax authorities to assessees for identification and which should be quoted in all documents and correspondences is_ _ _ _ _ _
A.	j.d.no.
B.	register no.
C.	permanent account number(pan)
D.	licence no.
Answer» C. permanent account number(pan)

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14.	Deduction of tax at source made for incomes which can be calculated in advance is called_ _ _ _ .
A.	t.d.s.
B.	p.a.s
C.	f.a.s
D.	m.a.s.
Answer» A. t.d.s.

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15.	Due date of filing of return by a non-business assesse is _ _ _ _
A.	30th june
B.	31st october
C.	31st july
D.	30th november
Answer» C. 31st july

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16.	The agreement among the partners is called _ _ _ _
A.	partnership deed
B.	partnership by laws
C.	partnership constitution
D.	none of the above
Answer» A. partnership deed

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17.	Assertion (A) an Assessee can pay his tax on the basis of his self-assessment (R) Reason (R) to 2% to 3% returns are went for scrutiny for the detailed checking of self-assessment returns.
A.	both (a) and (r) are true
B.	only (a) is true
C.	only (r) is true
D.	only (a) is true and (r) false
Answer» A. both (a) and (r) are true

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18.	The application for PAN is made in_ _ _ _
A.	form 49(b)
B.	form 49(a)
C.	form 49(c)
D.	form 51(a)
Answer» B. form 49(a)

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19.	The scheme of advance tax is commonly known as:
A.	pay as much as you
B.	earn more pay more
C.	pay as you earn
D.	a step to words, national building
Answer» C. pay as you earn

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20.	In case of salary, TDS certificate is issued in form?
A.	form 16
B.	form 16 a
C.	form 15
D.	form 15 h
Answer» A. form 16

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21.	Form 16 is issued by the employer?
A.	annually
B.	quarterly
C.	half yearly
D.	monthly
Answer» A. annually

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22.	SUGAM is also known as
A.	itr-1
B.	itr-2
C.	itr-3
D.	itr-4
Answer» D. itr-4

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23.	Under which of the following categories partner of partnership firm will be assessed
A.	an individual
B.	huf
C.	firm
D.	body of individual
Answer» A. an individual

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24.	Sahaj form is also known as......
A.	itr 1
B.	itr 2
C.	itr 3
D.	itr 4
Answer» A. itr 1

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25.	First appeal always file by......
A.	appellate tribunal
B.	commissioner
C.	assessee
D.	itat
Answer» C. assessee

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26.	When assessee is not satisfied he can go in CIT appeal within.....
A.	30days
B.	60 days
C.	90 days
D.	120 days
Answer» A. 30days

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27.	If the payee does not furnish PAN and TDS u/s 194 dividends shall be made @.....
A.	20%
B.	15%
C.	10%
D.	nil
Answer» A. 20%

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28.	The carry forward of losses is permissible if the return of income for the year in which loss incurred is......
A.	filled on time
B.	not filled on time
C.	filled in advance
D.	none of the above
Answer» A. filled on time

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29.	Rate of TDS (u/s 193) Interest on securities is.....
A.	15%
B.	12%
C.	10%
D.	20%
Answer» C. 10%

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30.	Individual assessee is liable to pay advance tax in -----instalments during the financial year 19-20.
A.	2
B.	4
C.	3
D.	lump sum
Answer» B. 4

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31.	TDS made by.......
A.	person making payment
B.	government
C.	income tax department
D.	income tax payer
Answer» A. person making payment

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32.	The rate of TDS on rental payment of plant & machinery of equipment is.....
A.	1%
B.	2%
C.	5%
D.	10%
Answer» B. 2%

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33.	Assessing officer is.....
A.	assistant commissioner
B.	deputy commissioner
C.	income tax officer
D.	all of the above
Answer» D. all of the above

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34.	Interest for non-payment or short payment of advance tax ( u/s 234 B )......
A.	1.5 % per month or part of the month
B.	2% per month or part of the month
C.	0.5% per month or part of the month
D.	1% per month or part of the month
Answer» D. 1% per month or part of the month

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35.	Income Tax in India is charged at the rates prescribed by……..
A.	the finance act of the assessment year
B.	the income tax act 1961
C.	the central board of direct taxes
D.	the finance act of the previous year
Answer» D. the finance act of the previous year

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Income tax procedure pleading Book Keeping and Accountancy Solved MCQs

The Income Tax Act 1961 came into force with effect from……..

Income Tax is charged in…….

CBDT is control by…….

Previous Year started from……

Income Tax is a……

Interest u/s 234B is payable by an Assesse due to the following reason……….

In which of the following assessment procedure Assesse compute his taxable income as well as tax on it.......

Tax is _ _ _ _ _ _ _ _ at source by the seller from the buyer at the time of debiting the amount account of the buyer or the receipt of payment whichever is earlier.

Amount of advance tax paid on due date on or before December 15th by assessee is

If recipient of income fails to furnish his Permanent Account Number to deduct of tax the tax shall be deducted

The period of 12 months commencing on the first day of April every year and ending on 31st March is called as_ _ _ _ _

The highest Administration Authority for Income Tax in India is_ _ _ _ _

The number allotted by income tax authorities to assessees for identification and which should be quoted in all documents and correspondences is_ _ _ _ _ _

Deduction of tax at source made for incomes which can be calculated in advance is called_ _ _ _ .

Due date of filing of return by a non-business assesse is _ _ _ _

The agreement among the partners is called _ _ _ _

Assertion (A) an Assessee can pay his tax on the basis of his self-assessment (R) Reason (R) to 2% to 3% returns are went for scrutiny for the detailed checking of self-assessment returns.

The application for PAN is made in_ _ _ _

The scheme of advance tax is commonly known as:

In case of salary, TDS certificate is issued in form?

Form 16 is issued by the employer?

SUGAM is also known as

Under which of the following categories partner of partnership firm will be assessed

Sahaj form is also known as......

First appeal always file by......

When assessee is not satisfied he can go in CIT appeal within.....

If the payee does not furnish PAN and TDS u/s 194 dividends shall be made @.....

The carry forward of losses is permissible if the return of income for the year in which loss incurred is......

Rate of TDS (u/s 193) Interest on securities is.....

Individual assessee is liable to pay advance tax in -----instalments during the financial year 19-20.

TDS made by.......

The rate of TDS on rental payment of plant & machinery of equipment is.....

Assessing officer is.....

Interest for non-payment or short payment of advance tax ( u/s 234 B )......

Income Tax in India is charged at the rates prescribed by……..

Assertion
(A) an Assessee can pay his tax on the basis of his self-assessment
(R) Reason (R) to 2% to 3% returns are went for scrutiny for the detailed checking of self-assessment returns.