McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Bachelor of Commerce (B Com) .
Chapters
| 1. |
Deduction under section 80C to 80U cannot exceed: |
| A. | Gross Total Income |
| B. | Total Income |
| C. | Income from business or profession |
| D. | Income from house property |
| Answer» A. Gross Total Income | |
| 2. |
Mr. X made payment to Mr. Y on which Mr. X failed to deduct the TDS. Mr. Y (Resident) fulfilled the following requirements so that Mr. X should not be deemed to be an assesses in default. Which of the following was wrongly complied by Mr.Y because of which Mr. X was treated as assesses in default? |
| A. | Furnished his return u/s 139. |
| B. | Offered the income in return on which TDS should have been done by Mr. X. |
| C. | Paid the Tax Due on the income declared by him in such return of Income. |
| D. | Furnished a Certificate to this effect from C.A. in Form 27BA. |
| Answer» D. Furnished a Certificate to this effect from C.A. in Form 27BA. | |
| 3. |
Because of Death of his Son Mr. Salman could not file Quarterly statement for TDS Deducted. As there is a reasonable cause for such failure which of the following will not be levied: |
| A. | Penalty |
| B. | Fees |
| C. | Both |
| D. | none |
| Answer» B. Fees | |
| 4. |
Mr.Marshal owned network of telecom towers and infrastructure services. He let out these to major telecom operators of the country. He applied u/s. 197 for obtaining a certificate of lower deduction of tax. As per the Judgment of Indus Towers Ltd. Vs CIT (2014)(Del.) at what rate Tax shall be deducted |
| A. | 1% u/s 194C |
| B. | 10% u/s 194I |
| C. | 2% u/s 194I |
| D. | 0.5% u/s 194C |
| Answer» C. 2% u/s 194I | |
| 5. |
State Government pays commission of Rs.20, 000/- to one of its agent on sale of Lottery Tickets. |
| A. | TDS is required to be made @ 5% on any amount paid as commission for sale of lottery tickets |
| B. | TDS is required to be made @ 5% if commission to a single person in a F.Y. exceeds 15,000/- |
| C. | TDS is required to be made @ 5% if commission to a single person in a F.Y. exceeds 30,000/- |
| D. | TDS shall not be deducted as payment is made by State Government |
| Answer» B. TDS is required to be made @ 5% if commission to a single person in a F.Y. exceeds 15,000/- | |
| 6. |
Taxpayers opting for presumptive taxation scheme of Section 44AD are required to pay up to of advance tax by 15th June? |
| A. | 15% |
| B. | 45% |
| C. | 75% |
| D. | Nil |
| Answer» A. 15% | |
| 7. |
Full form of TDS is : |
| A. | Tax Deducted at source. |
| B. | Tax sources. |
| C. | Tax Challan |
| D. | Tax Deposited at source |
| Answer» A. Tax Deducted at source. | |
| 8. |
ITR -5 is related to : |
| A. | For Individuals |
| B. | For HUF. |
| C. | For Firms, AOPs And BOIs. |
| D. | For Companies. |
| Answer» C. For Firms, AOPs And BOIs. | |
| 9. |
Challan No……………. is used by all categories of tax payers for payment of income tax. |
| A. | Challan no.280 |
| B. | Challan no.282 |
| C. | Challan no.281 |
| D. | Challan no.281(A) |
| Answer» A. Challan no.280 | |
| 10. |
………………….is responsible to deduct tax at source. |
| A. | Assessee |
| B. | Payee |
| C. | Payer |
| D. | Agencies. |
| Answer» C. Payer | |
| 11. |
Tax refund has to be claimed within : |
| A. | Five years |
| B. | Same year |
| C. | One year |
| D. | Next year |
| Answer» C. One year | |
| 12. |
In the case of companies, income tax return is signed by: |
| A. | Manager |
| B. | Board of Directors. |
| C. | 3.General Manager. |
| D. | Managing Director |
| Answer» D. Managing Director | |
| 13. |
In the absence of the individual assesses, return of income can be signed by ………………… |
| A. | Legal Heir |
| B. | Spouse. |
| C. | Any Person. |
| D. | Authorized person |
| Answer» D. Authorized person | |
| 14. |
The filing of return of loss in case of a person other than a company or firm is: |
| A. | mandatory |
| B. | not mandatory |
| C. | mandatory if the assesses has to carry forward the loss which are allowed to be carried forward & set off |
| D. | none |
| Answer» A. mandatory | |
| 15. |
Amount of deduction in case of a person with severe disability under section 80U will be: |
| A. | Rs. 50,000 |
| B. | Rs. 75,000 |
| C. | Rs. 1,00,000 |
| D. | Rs. 1,50,000 |
| Answer» C. Rs. 1,00,000 | |
| 16. |
An individual needs to pay Rs. 1,00,000 as advance tax. By 15th of December, how much amount must be paid by the individual: |
| A. | Rs. 30,000 |
| B. | Rs. 60,000 |
| C. | Rs. 1,00,000 |
| D. | Nil |
| Answer» B. Rs. 60,000 | |
| 17. |
Mr. DS during the previous year 2018-19 made a payment outside India to a nonresident on which TDS was not paid upto time allowed under section 200. However, such TDS was deducted and paid on 30th September 2019. When shall deduction of this expenditure be allowed to assessee? |
| A. | Previous Year 2018-19 |
| B. | Previous Year 2019-20 |
| C. | Previous Year 2017-18 |
| D. | Not allowed deduction |
| Answer» A. Previous Year 2018-19 | |
| 18. |
Payment of Rs. ` 45,000 made in cash towards purchases of medicines. The amount of disallowance under section 40A(3) is - |
| A. | Rs 45,000 |
| B. | Rs 30,000 |
| C. | Nil |
| D. | Rs 20,000 |
| Answer» A. Rs 45,000 | |
| 19. |
Director sitting fees will be Chargeable Under which head? |
| A. | Income from house property |
| B. | Income from other sources |
| C. | Income from PGBP |
| D. | Income from Capital gain |
| Answer» B. Income from other sources | |
| 20. |
Rental income from the business of leasing out properties would be taxable under the head_______ |
| A. | Income from house property |
| B. | Income from other sources |
| C. | Income from PGBP |
| D. | Income from Capital gain |
| Answer» C. Income from PGBP | |
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