Tax Laws MCQ on TDS Advance Tax Interest Payable By / To Assessee: Check the below Tax Laws MCQ on TDS Advance Tax Interest Payable By / To Assessee with Answers Pdf free download. Tax Laws MCQ on TDS Advance Tax Interest Payable By / To Assessee Questions for Tax Laws with Answers were prepared based on the latest exam pattern. We have provided Tax Laws MCQ on TDS Advance Tax Interest Payable By / To Assessee with Answers to help students understand the concept very well. Students should practice CS Executive Tax Laws MCQ on TDS Advance Tax Interest Payable By / To Assessee with Answers based on the latest syllabus.

Tax Laws MCQ on TDS Advance Tax Interest Payable By / To Assessee

1. Which of the following assessee is not liable to pay advance tax u/s 207?
(A) A senior citizen having income chargeable under the head ‘profits and gains of business or profession’
(B) A senior citizen not having in-come chargeable under the head ‘profits and gains of business or profession’
(C) A super senior citizen having in-come chargeable under the head ‘profits and gains of business or profession’
(D) A resident individual not being senior citizen having income chargeable under the head ‘profits and gains of business or profession’

2. An assessee liable to pay advance tax is not liable to pay interest u/s 234B if the advance tax paid by him is not less than
(A) 90% of advance tax payable by him
(B) 80% of advance tax payable by him
(C) 100% of advance tax payable by him
(D) 70% of advance tax payable by him

3. At what rate, will the tax be deducted at source by a banking company, responsible for paying to a resident any income by way of interest other than interest on securities amounting to more than ₹ 10,000, when the payee does not furnish his PAN to the deductor
(A) 10%
(B) 20%
(C) 30%
(D) 40%

4. Zen Ltd. made a payment of ₹ 11,00,000 to Amar, a resident transport contractor who has intimated his PAN details. The tax to be deducted at source u/s 194C will be
(A) ₹ 10,000
(B) ₹ 200
(C) Nil
(D) ₹ 11,000

5. Interest payable by a non-corporate assessee for deferment of advance tax is
(A) 1.03% p.m.
(B) 15% p.a.
(C) 18% p.a.
(D) 1% p.m.

6. The maximum amount of rent payment where deduction of tax at source is not required in a financial year is
(A) ₹ 1,20,000
(B) ₹ 1,80,000
(C) ₹ 2,40,000
(D) None of the above

7. In a contest, Amit wins ₹ 50,000 cash and a motorcycle worth ₹ 50,000. The amount of tax deducted at the source will be
(A) ₹ 30,000
(B) ₹ 15,000
(C) ₹ 27,000
(D) ₹ 27,810

8. U/s 208, it is obligatory for an assessee to pay advance tax where the tax payable is
(A) 10,000 or more
(B) 20,000 or more
(C) 5,000 or more
(D) 8,000 or more 

9. Interest payable u/s 234C is computed at
(A) Compound interest @ 1% p.m.
(B) Simple interest @1% p.a.
(C) Compound interest @ 1 % p.a.
(D) Simple interest @1% p.m.

10. A HUF, not subject to tax audit in the earlier year, paying fees of ₹ 35,000 to a Practising Company Secretary shall
(A) Not deduct TDS
(B) Deduct TDS @ 10%
(C) Deduct TDS @ 20%
(D) Deduct TDS @ 10.3%

11. Interest for default in payment of installments of advance tax is levied u/s
(A) 234A
(B) 234B
(C) 234C
(D) 234D

12. Interest for deferment in payment of advance tax u/s 234C is calculated on the tax liability computed on
(A) Assessed income
(B) Returned income
(C) Disputed income
(D) Appealed income

13. The person responsible for paying any income by way of winnings from lottery an amount exceeding ₹ 10,000, shall deduct
(A) TDS @ 30.9%
(B) No TDS
(C) TDS @31.2%
(D) TDS @30%

14. Deduction of tax from salary as per Section 192 shall be at
(A) 10% of salary
(B) The average rate of income tax computed, on the basis of rates in force for the financial year in which the payment is made
(C) The maximum marginal rate of 30%
(D) None of the above

15. If a payee eligible for commission exceeding ₹ 50,000 does not furnish his PAN to the payer, tax is deductible at source at
(A) Nil rate
(B) 20%
(C) 10%
(D) 30%

16. A senior citizen is not liable to pay advance tax if he does not have income from
(A) Interest on securities
(B) Capital gains
(C) Profits and gains from business or profession
(D) All of the above

17. Tax is required to be collected at source (TCS) under the provision of section 206C of Income-tax Act, 1961 by a person making
(A) Payment of dividend
(B) Winning from horse races
(C) Sale of a motor vehicle of the value exceeding ₹ 10 lakh by a dealer to the customer
(D) Payment to non-resident

18. Interest is payable to an assessee on the amount of refund under the Income Tax Act, 1961 where the amount of refund is
(A) More than ten percent of the tax as determined on regular assessment
(B) More than five percent of the tax as determined on regular assessment
(C) More than fifteen percent of the tax as determined on regular assessment
(D) More than twenty percent of the tax as determined on regular assessment 

19. It is obligatory for an assessee to make payment of tax under section 208 of the Income Tax Act, 1961
(A) Where the advance tax payable is ₹ 10,000 or more
(B) Where the advance tax payable is ₹ 2,500 or more
(C) Where the advance tax payable is ₹ 5,000 or more
(D) Where the advance tax payable is ₹ 1,000 or more

20. The quarterly return of TDS relating to payments made to non-resident and the foreign company being a unitholder of mutual funds is to be filed in return form number :
(A) 24Q
(B) 27Q
(C) 26Q
(D) 22Q

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