INCOME TAX RETURN PREPARATION (MCQS)

S.Y B.COM

SEMESTER - IV

MID SEMESTER EXAMINATION

INCOME TAX RETURN PREPARATION 

(ITRP)

(MCQS)

MID SEMESTER EXAMINATION MARCH - 2014

(1) Choose the form to be filled in for allotment of PAN card by Mr.Jatayu who is a resident Indian citizen of 65 years. 

(A) Form 15H

(B) Form 15G

(C) Form 49AA

(D) Form 49A

(2) Choose correct category of assessee with PAN AFZFK7109K

(A) Partnership Firm

(B) Individual

(C) Company

(D) Proprietorship

(3) Deduction of Interest on borrowed capital in case of a self occupied house property is Example of

(A) Set off and carry forward of current year losses

(B) Relief under section 90

(C) Deduction under section 80C

(D) Taxation at lower rates

(4) Threshold limit for TDS (Tax Deducted as Source) on director's fees paid in financial year 2016-17, under section 194J for fees for professional or technical services is

(A) Rs.10,000

(B) Rs.30,000

(C) Rs.5,000

(D) No Threshold limit

(5) Salaried employee can make an application in .......... to the Assessing Officer to get a certificate of lower tax deduction or no tax deduction.

(A) Form 15H

(B) Form 15G

(C) Form 13

(D) Form 49A

(6) Mr.Rajput has won the lottery prize of Rs.3,00,000 on December 20, 2016, out of which Rs.35,000 is payable to the agent. Compute the amcunt of TDS under section 194B.

(A) Rs.81,000

(B) Rs.79,500

(C) Rs.1,00,500

(D) Rs.90,000

(7) Interest credited or paid by the firm to its partner(s) is subject to TDS at the rate of.......... under the provisions of section 194A (Interest other than interest on securities)

(A) 30%

(B) 20%

(C) 10%

(D) Nil

(8) If the recipient does not furnish his PAN to the duductor, tax will be deducted at the normal rate or at the rate of ........ whichever is higher.

(A) 40%

(B) 20%

(C) 30%

(D) 10%

(9) .......... Is  the maximum amount of Insurance commission which can be paid without tax deduoion.

(A) Rs. 15,000

(B) Rs. 20,000

(C) Rs. 17,000

(D) Rs . 18,000

(10) Same PAN Cannot be allotted to more than

(A) 1 person

(B) 5 persons

(C) 3 persons

(D) 2 persons

MID-SEMESTER EXAMINATION MARCH - 2015

(1) Which of the following transactions are linked with the help of permanent account numer ?

(A) Tax payment

(B) Availing TDS credit 

(C) Filling of return

(D) All of the above

(2) Which of the following is not a proof of address?

(A) Passport

(B) Electricity bill

(C)Telephone bill

(D) School leaving certificate

(3) From under mentioned numbers, which one constitutes a valid Permanent Account Numbers ?

(A) ABCHP1234K

(B) ABC1234PHK

(C) ABCP1234HK

(D) ABC12P34HK

(4) The provisions of Section 139A shall not apply to the person who is in receipt of only Agriculatural Income, if they furnish declaration in

(A) Form No.61

(B) Form No.15H

(C) Form No.60

(D) Form No.15G

(5) For filing online return, person required to upload XML file, which the person can generate by using which of the utility provided by income tax department.

(A) Word utility

(B) Access Utlity

(C) Excel Utility

(D) PPT Utility

(6) ......... application for lower deduction of tax at source on winning from lotteries needs to be submitted.

(A) No

(B) Form No.15H 

(C) Form No.15G

(D) Form No.13

(7) In Section 194C of the Income Tax Act, 1961, what is the percentage of TDS on payments to contractors or Sub-contractors, if Recipient is an individual / HUF ?

(A) 10%

(B) 30%

(C) 2%

(D) 1%

(8) Loss from the lottery ticket and crossword puzzles can be set off against the .......... income.

(A) House property 

(B) Capital gain

(C) Salary

(D) None of these

(9) Mr.Ravi has won the two wheeler of Rs.55,000 on December 27, 2016 in a lucky draw. Compute the amount of TDS under section 194B.

(A) Rs.11,330

(B) Rs.11,000

(C) Rs.16,500

(D) Rs.16,995

(10) Comfort Limited has paid rent of Rs.1,98,000 for plant and machinery to Mr. Kishanlal for the financial year 2016-17. State whether TDS is applicable or not. If yes, calculate amount of TDS.

(A) No, Rs.Nil

(B) Yes, Rs.1,980

(C) Yes, Rs. 3,960 

(D) Yes, Rs.19,800

MID-SEMESTER EXAMINATION MARCH- 2016

(1) PAN is required to be quoted in the documents pertaining to deposit of cash with bank, if the aggregate amount of cash to be deposited in bank is Rs ............... or more.

(A) Rs.60,000

(B) Rs.50,000

(C) Rs.15,000

(D) Rs.10,000

(2) A person, who has not been allotted PAN, Shall make declaration in Form No...........while opening a bank account.

(A) Form No. 60

(B) Form No. 15G

(C) Form No. 15H

(D) Form No. 61

(3) Rs......... is the maximum amount of Insurance commission which can be paid without tax deduction.

(A) Rs.5,000

(B) Nil

(C) Rs.20,000

(D) Rs.15,000

(4) To get the salary without TDS or with lower TDS, the employee will have to approach the assessing officer by submitting an application in Form No. ...........

(A) 16A

(B) 13

(C)15H

(D) 15G

(5) If the recipient does not furnish his PAN to the deductor, tax wll be deducted at the normal rate or at the rate of ..............., whichever is higher.

(A) 2%

(B) 30%

(C) 20%

(D) 10%

(6) The last character of PAN indicates.........

(A) Middle Name

(B) Alphabetic Check Digit

(C) First name

(D) Surname

(7) Provision of TDS as per section 194C for contractor and sub-contractor of the Income Tax Act, 1961 what is the percentage of TDS, If Recipient is a private limited company?

(A) 10%

(B) 30%

(C) 1%

(D) 2%

(8) What is the threshold limit for director's fees under section 194J of the Income Tax Act, 1961?

(A) Rs.20,000

(B) No Threshold Limit

(C) Rs.10,000

(D) Rs.30,000

(9) Mr. Raja has won the lottery ticket of Rs.62,250 on 1st May, 2016 in a lucky draw. Compute the amount of TDS under section 194B.

(A) Rs.6,927

(B) Rs.6,725

(C) Rs.20,780

(D) Rs.20,175

(10) Kruti Limited has paid rent of Rs.1,31,000 for branch office to Mr. Ramjilal for the financial year 2016-17. State whether TDS is applicable or not. If yes, calculate amount of TDS.

(A) No. Rs.Nil

(B) Yes, Rs.1,350

(C) Yes, Rs.13,100

(D) Yes, Rs.1,310

MID-SEMESTER EXAMINATION FEBRUARY -  2016

(1) Mrs. Deepali Patel, Indian citizen, 62 years of age can apply for PAN in form

(A) Form 60

(B) Form 49A

(C) Form 15G

(D) From 15H

(2) Which of the following is a proof of ldentify for applying PAN ?

(A) Driving License

(B) Voter Card

(C) Passport

(D) All of the above

(3) Which of the following is correct PAN of Mr.Sandip Prajapati ?

(A) ABC12P34HK

(B) ABCPS1234H

(C) ABCPP1234K

(D) ABCSP1234K

(4) If the recipient does not furnish his PAN to the deductor, tax will be deducted at the normal rate or at therate of, whichever is higher.

(A) 2%

(B) 30%

(C) 20%

(D) 10%

(5) Mr.Arvind has e-file his return and his income is less than five lakhs and he is not claiming any refund, he can e-verify his return by

(A) Email ID & Mobile Number 

(B) Aadhaar Card

(C) Net Banking

(D) All of the above

(6) What is the threshold limit for director's fees under section 194J of the Income Tax Act, 1961?

(A) Rs.20,000

(B) Rs.10,000

(C) No Threshold Limit

(D) Rs.30,000

(7) As per section 1941 of the Income Tax Act, 1961, What is the percentage of TDS for payment of Rent for plant and machinery ?

(A) 30%

(B) 10%

(C) 2%

(D) 1%

(8) Maximum amount which can be paid without tax deduction uls 194ll of payment of Life Insurance Policy is

(A) NIL

(B) Rs.2,500

(C) Rs. 1,00,000

(D) Rs.20,000

(9) Mr.Vishal has won the Tablet of Rs.35,000 and cash prize of Rs.15,000 on October 12, 2016 in a lucky draw. Compute the amount of TDS under section 194B.

(A) Rs.4,500

(B) Rs.11,330

(C) Rs.15,000

(D) Rs.10,500

(10) Mr. Gopal Rai has purchase residential property of Rs.65 lakhs. State whether TDS is appliable or not. If yes, calculate amount of TDS.

(A) Yes, Rs.6,50,000 

(B) Yes, Rs.1,30,000 

(C) No, Rs. Ni

(D) Yes, Rs.65,000

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