MCQ for CA Intermediate TAXATION - Chapter 9 - ADVANCE TAX, TAX DEDUCTION AT SOURCE AND INTRODUCTION TO TAX COLLECTION AT SOURCE

Sample Multiple Choice Questions (MCQ's) for CA Intermediate - Paper 4 - TAXATION - Chapter 9: ADVANCE TAX, TAX DEDUCTION AT SOURCE AND INTRODUCTION TO TAX COLLECTION AT SOURCE - For Practice relevant for May/November 23 Examinations

Q:1 Advance Tax shall be payable by any person in respect of current income is              

  1. `50,000 or more `
  2. 10,000 or more `
  3. 1,00,000 or more
  4. None of the above

Answer: 2

Q:2 Advance Tax is not applicable for specified Senior Citizen. The given statement is

  1. True
  2. False

Answer: 1

Q:3 When the Assessee does not pay any instalment of Advance Tax by the due date he shall be

  1. Deemed to be an Assessee in the default
  2. Not considered as Assessee default
  3. Punishable with imprisonment
  4. None of the above

Answer: 1

Q:4 The deduction of tax at source from the salary shall be made at the time of -            

  1. Accrual of salary
  2. Payment of salary
  3. Credit or payment of Salary, whichever is earlier.

Answer: 2

Q:5 Liability to deduct tax at source in case on income from interest on securities arises at the time -  

  1. Payment of interest
  2. Accrual of interest
  3. Credit of interest to the account of the payee/interest payable account or payment thereof whichever is earlier

Answer: 3

Q:6 Vinoth deposited a sum of `1,00,00,000 with a scheduled bank for a year at the interest rate of 6% p.a. Bank should make TDS amounting to -

  1. 61,800
  2. 60,000
  3. 1,32,000
  4. 67,320

Answer: 2

Q:7 Venkat has won a horse race on 11-10-2021 and is entitled to a prize of `2,00,000. The race club should deduct the TDS amounting to -

  1. 66,000
  2. 61,800
  3. 60,435
  4. 60,000

Answer: 4

Q:8 Madhu has won the horse race and is entitled to a prize of `10,00,000. The race club should deduct TDS amounting to-               

  1. 3,09,000
  2. 3,30,000
  3. 3,36,000
  4. 3,00,000

Answer: 2

 

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