Deck 2: Income Tax Act and Procedures in India: Part B

Question 1

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

A)30days
B)60 days
C)90 days
D)120 days

Answer 1

30days

Question 2

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 2

20%

Question 3

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 3

filled on time

Question 4

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

A)15%
B)12%
C)10%
D)20%

Question 5

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

Question 6

TDS made by.......

A)person making payment
B)government
C)income tax department
D)income tax payer

Question 7

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

A)1%
B)2%
C)5%
D)10%

Question 8

Assessing officer is.....

A)assistant commissioner
B)deputy commissioner
C)income tax officer
D)all of the above

Question 9

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

Question 10

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