Category: Direct Tax Laws and International Taxation
The taxpayer is in receipt of interest on debentures from ABC Ltd. The taxpayer wants to submit From No. 15G for non-deduction of tax. Out of the following taxpayers who can submit this form if other condition of section 197A are satisfied.
Correct
Incorrect
Question 2 of 86
2. Question
1 points
Category: Direct Tax Laws and International Taxation
Out of the followings, which section deals with the provisions relating to deduction of tax at source on interest other than interest on securities paid to a resident?
Correct
Incorrect
Question 3 of 86
3. Question
1 points
Category: Direct Tax Laws and International Taxation
Out of the followings, which payment is subject to tax deduction under section 194J?
Correct
Incorrect
Question 4 of 86
4. Question
1 points
Category: Direct Tax Laws and International Taxation
No tax is required to be deducted if the amount of professional fees or technical fees or royalty or non-compete fees (excluding director’s fees) paid during the financial year unless such payment exceeds prescribed limit. Such prescribed limit is______.
Correct
Incorrect
Question 5 of 86
5. Question
1 points
Category: Direct Tax Laws and International Taxation
Tax deducted during the month other than March shall be paid to the credit of the Central Government on or before ___________ from the end of the month in which such deduction is made.
Correct
Incorrect
Question 6 of 86
6. Question
1 points
Category: Direct Tax Laws and International Taxation
As per section 201(1A) of the Act, interest shall be charged at ___________ per month or part of month, if there is a delay in deduction and __________ per month or part of month in case there is a delay in remittance after deduction.
Correct
Incorrect
Question 7 of 86
7. Question
1 points
Category: Direct Tax Laws and International Taxation
Where the tax is collected by an office of the Government, it shall be paid to the credit of the Central Government ________.
Correct
Incorrect
Question 8 of 86
8. Question
1 points
Category: Direct Tax Laws and International Taxation
In respect of contract payments, when is tax to be deducted at source from the payment made to the contractor?
Correct
Incorrect
Question 9 of 86
9. Question
1 points
Category: Direct Tax Laws and International Taxation
Under section 194C, at which rate, tax is to be deducted if the payee is an individual or HUF?
Correct
Incorrect
Question 10 of 86
10. Question
1 points
Category: Direct Tax Laws and International Taxation
Under section 194C, at which rate, tax is to be deducted if the payee is any person other than individual or HUF?
Correct
Incorrect
Question 11 of 86
11. Question
1 points
Category: Direct Tax Laws and International Taxation
Mr. Raj is required to deduct tax at source under section 194C. However, payee has not furnished PAN to Mr. Raj. In this case, at what rate Mr. Raj shall deduct tax at source assuming that payee
is a proprietor?
Correct
Incorrect
Question 12 of 86
12. Question
1 points
Category: Direct Tax Laws and International Taxation
Under section 194C of the Act, If any person being ________ or _______ or ____ or ________is liable to audit of accounts under clause (a) or clause (b) of section 44AB during the financial year
immediately preceding the financial year in which contract payments are credited or paid, then they are required to deduct tax at source.
Correct
Incorrect
Question 13 of 86
13. Question
1 points
Category: Direct Tax Laws and International Taxation
No tax is to be deducted under section 194C if the single payment does not exceed Rs. 30,000.
Correct
Incorrect
Question 14 of 86
14. Question
1 points
Category: Direct Tax Laws and International Taxation
During the previous year, ABC Ltd. gave an annual maintenance contract for maintenance of air conditioners to Mr. Kirit. As per the agreed terms, the annual contract value is Rs. 58,000 and
same shall be paid to Mr. Kirit in two equal instalments on the interval of six months in a financial year.
Find out the amount tax to be deducted by ABC Ltd. under section 194C?
Correct
Incorrect
Question 15 of 86
15. Question
1 points
Category: Direct Tax Laws and International Taxation
During the previous year, ABC Ltd. gave an annual maintenance contract for maintenance of air conditioners to Mr. Kirit. As per the agreed terms, the annual contract value is Rs. 62,000 and
same shall be paid to Mr. Kirit in two equal instalments on the interval of six months in a financial year.
Find out the amount tax to be deducted by ABC Ltd. under section 194C?
Correct
Incorrect
Question 16 of 86
16. Question
1 points
Category: Direct Tax Laws and International Taxation
During the previous year, Mr. Kirti Soni, a chartered accountant and subject to tax audit under section 44AB(b) gave an annual maintenance contract for maintenance of air conditioners to ABC
Ltd.. As per the agreed terms, the annual contract value is Rs. 62,000 and same shall be paid to ABC Ltd. in two equal instalments on the interval of six months in a financial year.
Find out the amount tax to be deducted by ABC Ltd. under section 194C?
Correct
Incorrect
Question 17 of 86
17. Question
1 points
Category: Direct Tax Laws and International Taxation
Out of the followings, which section governs the TDS on rent payment?
Correct
Incorrect
Question 18 of 86
18. Question
1 points
Category: Direct Tax Laws and International Taxation
MT Agro, a partnership firm, is required to pay rent of Rs. 1,90,000 in respect of office furniture. Find out the rate at which TDS is required to be deducted.
Correct
Incorrect
Question 19 of 86
19. Question
1 points
Category: Direct Tax Laws and International Taxation
MT Agro, a partnership firm, is required to pay rent of Rs. 1,90,000 in respect of office buidling. Find out the amount on which TDS is required to be deducted.
Correct
Incorrect
Question 20 of 86
20. Question
1 points
Category: Direct Tax Laws and International Taxation
MT Agro, a partnership firm has taken office on rent. The annual rent is Rs. 1,80,000 plus GST. Find out the amount of TDS to be made by MT Agro.
Correct
Incorrect
Question 21 of 86
21. Question
1 points
Category: Direct Tax Laws and International Taxation
A partnership firm is under contractual obligation to hire charges in respect of Machinery to Mr. Shyam. As per agreement, firm is required to pay Rs. 8,00,000 annually. Find out the amount of
TDS assuming that Mr. Shyam is resident.
Correct
Incorrect
Question 22 of 86
22. Question
1 points
Category: Direct Tax Laws and International Taxation
ABC Ltd. is required to pay hire charges of Rs. 1,70,000 in respect of equipments hired from Mr. Shyam. Find out the amount of TDS to be deducted assuming that Mr. Shyam is resident.
Correct
Incorrect
Question 23 of 86
23. Question
1 points
Category: Direct Tax Laws and International Taxation
There is no liability to deduct tax under section 194I, if the payer being an individual or HUF was not liable to audit of accounts under clause (a) or clause (b) of section 44AB during the __________ in which the rent is paid or credited.
Correct
Incorrect
Question 24 of 86
24. Question
1 points
Category: Direct Tax Laws and International Taxation
In respect of contractual payments, identify the time-limit for deposit of tax with the Central Government when tax is deducted in the month of March?
Correct
Incorrect
Question 25 of 86
25. Question
1 points
Category: Direct Tax Laws and International Taxation
In respect of contractual payments, the deductor is required to issue Form No. 16A to the payee on _____ basis.
Correct
Incorrect
Question 26 of 86
26. Question
1 points
Category: Direct Tax Laws and International Taxation
Tax is required to be deducted at ……….. from payment made to a resident on winning from lottery
Correct
Incorrect
Question 27 of 86
27. Question
1 points
Category: Direct Tax Laws and International Taxation
No tax is required to be deducted under section 194C of the Act if transport operator furnishes a declaration that he does not own more than ___ goods carriage.
Correct
Incorrect
Question 28 of 86
28. Question
1 points
Category: Direct Tax Laws and International Taxation
Tax is required to be deducted at ____ from interest payable to a resident. (Assuming PAN details are available)
Correct
Incorrect
Question 29 of 86
29. Question
1 points
Category: Direct Tax Laws and International Taxation
TDS is not required to be deducted u/s 194A if the amount of interest paid or payable does not exceed:
Correct
Incorrect
Question 30 of 86
30. Question
1 points
Category: Direct Tax Laws and International Taxation
TDS is not required to be deducted u/s 194B unless the payment in respect of winnning from lotteries exceeds Rs.__________________
Correct
Incorrect
Question 31 of 86
31. Question
1 points
Category: Direct Tax Laws and International Taxation
TDS is not required to be deducted u/s 194BB unless the payment in respect of winnning from horse race exceeds Rs.__________________
Correct
Incorrect
Question 32 of 86
32. Question
1 points
Category: Direct Tax Laws and International Taxation
TDS is not required to be deducted u/s 194H unless the payment of commission or brokerage exceeds Rs.__________________
Correct
Incorrect
Question 33 of 86
33. Question
1 points
Category: Direct Tax Laws and International Taxation
If resident payee is an individual than rate of TDS applicable under section 194H shall be _________
Correct
Incorrect
Question 34 of 86
34. Question
1 points
Category: Direct Tax Laws and International Taxation
Bharat Sanchar Nigam Limited or Mahanagar Telephone Nigam Limited _________ to deduct tax at source on any commission or brokerage payable by them to their public call office franchises.
Correct
Incorrect
Question 35 of 86
35. Question
1 points
Category: Direct Tax Laws and International Taxation
No deduction shall be made under section 194 I where the amount of rent credited or paid or likely to be credited or paid during the financial year to the account of the payee, does not exceed ________.
Correct
Incorrect
Question 36 of 86
36. Question
1 points
Category: Direct Tax Laws and International Taxation
No tax is deductible under section 194-IA where the consideration paid or payable for the transfer of an immovable property is less than Rs.________.
Correct
Incorrect
Question 37 of 86
37. Question
1 points
Category: Direct Tax Laws and International Taxation
The rate of TDS applicable under section 194IA is ___________
Correct
Incorrect
Question 38 of 86
38. Question
1 points
Category: Direct Tax Laws and International Taxation
The provisions of section 194 IB shall not be applicable to _________ who are liable to deduct tax at source under section 194-I.
Correct
Incorrect
Question 39 of 86
39. Question
1 points
Category: Direct Tax Laws and International Taxation
The rate of TDS applicable under section 194IB is ___________
Correct
Incorrect
Question 40 of 86
40. Question
1 points
Category: Direct Tax Laws and International Taxation
The tax is deductible under section 194-IB if rent is exceeding Rs.______ for a month or part of a month during the previous year.
Correct
Incorrect
Question 41 of 86
41. Question
1 points
Category: Direct Tax Laws and International Taxation
The rate of TDS applicable under section 194IC is ___________
Correct
Incorrect
Question 42 of 86
42. Question
1 points
Category: Direct Tax Laws and International Taxation
The tax is deductible under section 194-IC if amout paid or payable exceeds Rs.____
Correct
Incorrect
Question 43 of 86
43. Question
1 points
Category: Direct Tax Laws and International Taxation
The rate of TDS applicable under section 194 LA is ___________
Correct
Incorrect
Question 44 of 86
44. Question
1 points
Category: Direct Tax Laws and International Taxation
The tax is deductible under section 194 LA if amout paid or payable exceeds Rs.______.
Correct
Incorrect
Question 45 of 86
45. Question
1 points
Category: Direct Tax Laws and International Taxation
Mr. CA earned gross interest of Rs. 59,199 on fixed depsoits with State Bank Of India. What would have been the amount of TDS, if any?
Correct
Incorrect
Question 46 of 86
46. Question
1 points
Category: Direct Tax Laws and International Taxation
A Ltd. failed to deduct tax at source while making payment to Company Secretary. The TDS Officer issued notice to A Ltd. asking to show cause that why it shall not be treated as assesseein- default? The contention of A Ltd. is that the company secretary has already incorporated this payment while determining his taxable income and paid appropriate tax and furnished the certificate in Form no._______ and requested assessing officer not to pass order under section 201 (1) of the Act.
Correct
Incorrect
Question 47 of 86
47. Question
1 points
Category: Direct Tax Laws and International Taxation
Mr. A-resident, purchased property located at Delhi from Mr. N, non-resident. Under which section, Mr. A is required to deduct tax at source?
Correct
Incorrect
Question 48 of 86
48. Question
1 points
Category: Direct Tax Laws and International Taxation
Continuing above problem, advise Mr. A to file statement on tax deduction at source in Form No. _____
Correct
Incorrect
Question 49 of 86
49. Question
1 points
Category: Direct Tax Laws and International Taxation
Section 192(2A) provides that deduction of tax at source is to be made after allowing ______ and after considering the _________agreed to be borne by employer.
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Incorrect
Question 50 of 86
50. Question
1 points
Category: Direct Tax Laws and International Taxation
As per the provision of section 192(3), the person responsible for paying the salary may, at the time of deducting tax at source, _______ or ________ the amount to be deducted for the purpose of adjusting any _____ or _______ arising out of previous deduction or non-deduction.
Correct
Incorrect
Question 51 of 86
51. Question
1 points
Category: Direct Tax Laws and International Taxation
Section 192A deals with the tax deduction from the payment to be made to the employee of accumulated sum of PF. Out of such accumulated sum, which component is not subject to TDS?
Correct
Incorrect
Question 52 of 86
52. Question
1 points
Category: Direct Tax Laws and International Taxation
In continuation of the above, what shall be the threshold limit for tax deduction and what shall be the rate of TDS?
Correct
Incorrect
Question 53 of 86
53. Question
1 points
Category: Direct Tax Laws and International Taxation
Interest of Rs.4,800 paid by BBC Ltd. to Ms. Mohini by way of account payee cheque on account of debentures of the company held by her. The BBC Ltd. is a company in which public are substantially interested. However, its debentures are not listed. How much is the tax to be deducted by BBC Ltd. under section ____ of the Act?
Correct
Incorrect
Question 54 of 86
54. Question
1 points
Category: Direct Tax Laws and International Taxation
ABC & Co. paid interest and salary to its resident partners in accordance with the provisions of section 40(b) of the Act. Advise partnership with regard to its TDS obligation in this regard.
Correct
Incorrect
Question 55 of 86
55. Question
1 points
Category: Direct Tax Laws and International Taxation
No Tax is required to be deducted where the amount of interest paid on compensation awarded by the Motor Accidents Claims Tribunal or the aggregate amount of such income paid during financial year does not exceed _______;
Correct
Incorrect
Question 56 of 86
56. Question
1 points
Category: Direct Tax Laws and International Taxation
Identify the situation where tax is required to be deducted under section 194A of the Act.
Correct
Incorrect
Question 57 of 86
57. Question
1 points
Category: Direct Tax Laws and International Taxation
Alap Ltd. has made following payments on various dates to Vilambit Ltd. towards work done
under different contracts
Contract Number Date of Payment Amount (Rs.)
1. 05.05.2018 20,000
2. 06.06.2018 15,000
3. 08.08.2018 25,000
4. 10.12.2018 25,000
5. 29.01.2019 17,000
Identify the obligation of Alap Ltd. to deduct tax at source under section 194C, if any.
Correct
Incorrect
Question 58 of 86
58. Question
1 points
Category: Direct Tax Laws and International Taxation
Dabur Ltd. has entered into a contract to buy plastic bottles from Packaging Pvt. Ltd as per the designs and specification given to it. For this purpose, Dabur Ltd. sold necessary raw material to
Packaging Pvt. Ltd. For the previous year 2018-19, Packaging Pvt. Ltd. has raised following invoices on Dabur Ltd.
Date Invoice no. Qty. Value of Raw Material Labour ChargesTotal Bill
14/10/18 1020/18-19 10,000 – – 60,000
31/11/18 1255/18-19 20,000 80,000 45,000 1,25,000
Identify the obligation of Dabur Ltd. to deduct tax at source under section 194C, if any.
Correct
Incorrect
Question 59 of 86
59. Question
1 points
Category: Direct Tax Laws and International Taxation
Times of India Ltd. is required to make payment of Rs. 1,00,000 to Imaran Khan (non-resident), former captain of the Pakistan Cricket Team, for contributing articles relating to game in the magazine published by the company. Then, Times of India Ltd. is required to deduct TDS u/s. _____________ @ _______.
Correct
Incorrect
Question 60 of 86
60. Question
1 points
Category: Direct Tax Laws and International Taxation
A commission of Rs.50,000 was retained by the consignee ‘XYZ Agency, a partnership firm’ and not remitted to the consignor ‘ABC Packaging Ltd. ‘, while remitting the sale consideration.
Examine the obligation of the consignor to deduct tax at source.
Correct
Incorrect
Question 61 of 86
61. Question
1 points
Category: Direct Tax Laws and International Taxation
Ramesh, resident, gave a building on sub-lease to Mac Ltd. with effect from 1-7-2018 on a rent
of Rs. 15,000 per month. The company also took on hire machinery from Ramesh with effect from 1-11-2018 on hire charges of Rs. 10,000 per month. Discuss the liability for tax deduction of Mac Ltd under section 194 I of the Act.
Correct
Incorrect
Question 62 of 86
62. Question
1 points
Category: Direct Tax Laws and International Taxation
Ramesh, Mahesh and Naresh are the equal co-owners of commercial premise which was given
on rent to Jack Ltd. on annual rent of Rs. 4,80,000. Total income of Naresh including rental income does not exceed exemption limit. Discuss the liability for tax deduction of Jack Ltd. under
section 194 I of the Act.
Correct
Incorrect
Question 63 of 86
63. Question
1 points
Category: Direct Tax Laws and International Taxation
Mr. X, a resident, acquired a house property at Mumbai from Mr. Y for a consideration of Rs. 90 lakhs (stamp duty value Rs. 98 lakhs), on 20.6.2018. On the same day, Mr. X made two separate
transactions, thereby acquiring an urban plot in Kolkata from Mr. C for a sum of Rs. 49.50 lakhs (stamp duty value Rs. 54 lakhs) and rural agricultural land from Mr. D for a consideration of Rs.
60 lakhs.
Identify the obligation of Mr. X to deduct tax at source assuming that Mr. Y, Mr. C and Mr. D are
residents.
Correct
Incorrect
Question 64 of 86
64. Question
1 points
Category: Direct Tax Laws and International Taxation
Mr. Madhukant is an employee of M/s. PQR Ltd. He had taken property on rent from Mr. Suresh, resident, for his residential purpose for the monthly rent of Rs. 70,000 w.e.f. 1st February, 2019. He claims that he is not required to deduct tax at source since (i) he is not an assessee covered by tax audit under section 44AB(a)/(b) (ii) rent for the financial year 2018-19 does not exceed Rs. 1,80,000 (limit prescribed under section 194-I). Advise him with suitably.
Correct
Incorrect
Question 65 of 86
65. Question
1 points
Category: Direct Tax Laws and International Taxation
BCD Ltd. credited Rs. 28,000 towards fees for professional services and Rs.27,000 towards fees for technical services to the account of HG in its books of account on 6.10.2018. The total sum of Rs. 55,000 was paid by cheque to HG on 18.12.2018. Examine the obligation of BCD Ltd. in respect of tax deduction at source.
Correct
Incorrect
Question 66 of 86
66. Question
1 points
Category: Direct Tax Laws and International Taxation
KD, an independent director of DAF Pvt. Ltd. was paid an amount of Rs. 22,500 sitting fees for attending the various meetings held during the financial year. Examine the obligation of DAF Pvt
Ltd. in respect of tax deduction at source.
Correct
Incorrect
Question 67 of 86
67. Question
1 points
Category: Direct Tax Laws and International Taxation
Ma Agro Fresh Ltd. regularly stores fruits with Thanda Cold Storage Pvt. Ltd. It seeks your advice with regard to tax deduction at source.
Correct
Incorrect
Question 68 of 86
68. Question
1 points
Category: Direct Tax Laws and International Taxation
A television company (TC) pays Rs. 80,000 annually to a cameraman for shooting of a documentary film on a contract basis. Discuss the liability for deduction of tax.
Correct
Incorrect
Question 69 of 86
69. Question
1 points
Category: Direct Tax Laws and International Taxation
Taxpayer can apply in __________ to the Assessing officer to give him a certificate authorizing the payer not to deduct tax or deduct tax at lower rate, as may be appropriate.
Correct
Incorrect
Question 70 of 86
70. Question
1 points
Category: Direct Tax Laws and International Taxation
Loddha Properties Ltd. has deducted tax of a civil engineer u/s 194J of the Income- tax Act on 19th January, 2019. Identify the due date of deposit of tax deducted by Loddha Properties Ltd.
Correct
Incorrect
Question 71 of 86
71. Question
1 points
Category: Direct Tax Laws and International Taxation
In continuation of the above, under which Form, the return of TDS would be filed and what shall be the due date of submitting return?
Correct
Incorrect
Question 72 of 86
72. Question
1 points
Category: Direct Tax Laws and International Taxation
A motor car of the value of Rs.11 lakhs was sold by a dealer to a customer. The customer paid Rs.2 lakhs in cash while balance by an account payee cheque. Advise motor car dealer with regard
to tax collection at source in this transaction.
Correct
Incorrect
Question 73 of 86
73. Question
1 points
Category: Direct Tax Laws and International Taxation
Out of the followings, sale of which item is subject to TCS at the rate of 5%?
Correct
Incorrect
Question 74 of 86
74. Question
1 points
Category: Direct Tax Laws and International Taxation
As per section _____________of Income Tax Act, 1961, every person who deducts or collects tax at source has to apply for the allotment of Tax Collection Account Number (TAN). Such TAN
is a_____ alpha-numeric number issued by the Income-tax Department
Correct
Incorrect
Question 75 of 86
75. Question
1 points
Category: Direct Tax Laws and International Taxation
First 3 alphabets of TAN represent the_________.
Correct
Incorrect
Question 76 of 86
76. Question
1 points
Category: Direct Tax Laws and International Taxation
Section _____ deals with the penalty for failure to obtain TAN and such penalty is __________.
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Incorrect
Question 77 of 86
77. Question
1 points
Category: Direct Tax Laws and International Taxation
Which form is to be used for applying for TAN?
Correct
Incorrect
Question 78 of 86
78. Question
1 points
Category: Direct Tax Laws and International Taxation
A person required to deduct tax under section __________ has to obtain PAN instead of TAN.
Correct
Incorrect
Question 79 of 86
79. Question
1 points
Category: Direct Tax Laws and International Taxation
Generally, TDS shall be made at the time of payment or at the time of credit to the payee whichever is earlier. Out of the followings payments, which payment is not subject to this general rule?
Correct
Incorrect
Question 80 of 86
80. Question
1 points
Category: Direct Tax Laws and International Taxation
Section 194 A requires payer to deduct TDS from interest other than interest on securities. Out of the followings, which payment is subject to TDS under this section?
Correct
Incorrect
Question 81 of 86
81. Question
1 points
Category: Direct Tax Laws and International Taxation
Out of the followings, which payment is not subject to TDS Provisions?
Correct
Incorrect
Question 82 of 86
82. Question
1 points
Category: Direct Tax Laws and International Taxation
” Work ” as defined under section 194 C does not Include:
Correct
Incorrect
Question 83 of 86
83. Question
1 points
Category: Direct Tax Laws and International Taxation
” Commission or Brokerage ” as defined under section 194 H does not include:
Correct
Incorrect
Question 84 of 86
84. Question
1 points
Category: Direct Tax Laws and International Taxation
Section 206C provides for __________.
Correct
Incorrect
Question 85 of 86
85. Question
1 points
Category: Direct Tax Laws and International Taxation
As per section 194C, work includes:
Correct
Incorrect
Question 86 of 86
86. Question
1 points
Category: Direct Tax Laws and International Taxation
Under section 194-I, out of the followings, which component is not subject to TDS?
Correct
Incorrect
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