S.Y. B.COM
SEMESTER -IV
INCOME TAX RETURN PREPARATION
(ITRP)
MCQS = FEBRUARY - 2017
1) Among which of the following is a benefit of e-fitting?
A) Accuracy is ensured
B) Paper work is required
C) Procession of return can be monitors
D) All of the above
2) Who is the tax recipient under section 194G Commission on sale of lottery tickets?
A) Any resident person
B) Unit holder u/s 80CCB
C) Any person
D) None of the above
3) In which of the following sections, 10% rate of tax deduction at source is applicable ?
A) Section-194F for Repurchase of units by Mutual fund or UTI
B) Section-194H for commission or brokerage
C) Section-194G for commission on sale of lottery tickets
D) Both (B)& (C)
4) At what time tax has to be deducted at source under section 194G?
A) At the time of payment
B) At the time of payment or at the time of credit whichever is earlier.
C) Both (A) and (B)
D) None of the above
5) Match the following:
|
i) Section-194 I Rent on Plant and Machinery |
a) TDS @ 1% |
|
ii) Section- 194 J Professional Fee |
b) TDS @ 10% |
|
iii) Section - 194 IA Purchase of Immovable Property |
c) TDS@ 2% |
A) a) i b) ii c) iii
B) a) iii b) i c) ii
C) a) ii b) i c) iii
E) a) iii b) ii c) i
6) M/s. T.D.S. Limited has paid rent of Rs.1,44,000 for branch office to Mr. Ronak Dave for the financial year 2015-16. State whether TDS is applicable or not. lf yes, calculate argount of TDS.
A) No, Nil
B) Yes, Rs.14,400
C) Yes, Rs.2,880
D) Yes, Rs.1,440
7) From under mentioned PAN, which one constitutes a valid Permanent Account Number?
A) ABC12P34HK
B) ABCHP1234K
C) ABC1234PHK
D) ABCP1234HK
8) For Filing online return, person required to upload XML file, the same can generate by using which of the utility provided by income tax department.
A) Excel Utility
B) PPT Utility
C) Both Aor C
D) JAVA Utility
9) Loss from the lottery ticket and crossword puzzles can be set off against the ......... income.
A) House Property
B) Capital Gain
C) Salary
E) None of these
10) In which of the following transaction, every person shall quote his PAN specified in rule 114B.
A) Opening an account with a bank
B) Demate Account
C) Sale of motor vehicle (other than two wheeler)
D) All of the above
11) Which loss can't be carried forward to next subsequent year ?
A) Business Loss
B) Loss of Other Source
C) Capital Loss
D) None of the above
12) Loss from the activity of owning and maintaining race horses can be carried forward for how many years ?
A) 8 years
B) 6 yearss
C) 5 years
D) None of the above
13) What is threshold limit for payment in respect of Director's fees u/s 149 J ?
A) Rs.25,000
B) Rs.75,000
C) Rs.30,000
D) Nil
14) Maximum amount which can be paid without tax deduction in respect of interest other than interest on securities and Bank Interest u/s 194 A.
A) Rs.10,000
B) Rs.5,000
C) Rs.20,000
D) Rs.6,000
15) To get the salary without TDS or with lower TDS, the employee will have to approach the assessing officer by submitting an application in ............
A) Form No.15H
B) Form No.13
C) Form No.15G
D) Form No.16A
16) Mr.A wins a lottery prize of Rs.4,00,000 on March 22, 2016 out of which Rs.40,000 is payable to the agent which of the following amount shall be deducted as tax at source u/s 194B ?
A) Rs.40.000
B) Rs.1,08,000
C) Rs.80,000
D) Rs.1,20,000
17) How much maximum amount can be paid without tax deduction u/s 194 B Winning from lottery ?
A) Payment amount of Rs.10,000 or less than Rs.10,000
B) Payment amount of Rs.5,000 or less than Rs.5,000
C) Payment amount more than Rs.10,000
D) None of the above
18) Rs. 45,000 paid during the previous year to contractor for work, who is other than Individual / HUF - find the TDS liability, if any ?
A) Rs. 6,000
B) Rs. 4,500
C) Rs. 5,500
D) None of the above
19) Tax is deductible from the consideration payable for work contract u/s 194C excluding.........
A) Service Tax
B) Labour value
C) Material value
D) None of the above
20) Long term capital loss can be adjusted only against .......... u/s 70.
A) Short term capital gain
B) Long tem capital gain
C) Salary Income
D) None of the above
21) Contract for purchase or sale of any commodity, stocks or shares is periodically settled otherwise than by the actual delivery, it is known as a ..........
A) Speculative transaction
B) Non Speculative transaction
C) A and B
D) None of the above
22) Under rule 114B, when payment made to a hotel or restaurant upto how much amount of cash payment, PAN is not required to be quoted ?
A) Up to Rs.50,000
B) Up to Rs.30,000
C) Up to Rs.40,000
D) None of the above
23) Which of the following statement is not true?
A) Due to e-filing assessee can view the current status of the return.
B) E-filing return is mandatory for resident individual in India whose income exceeds Rs.5 lacs.
C) E-filing return is not mandatory for Comapnies.
D) To browse and select the XML file is one of the step of e-filing procedure.
24) Which of the following is pre-requisite of e-payment?
A) Good internet connection
B) Internet banking account
C) Valid TAN or PAN
D) All of the above
25) Which of the foilowing statements is true?
A) E-Payment facilitates payment of direct taxes online by taxpayers.
B) E-filing of return is mandatory for all assessee.
C) Once return of Income is e-filed assessee cannot view the same.
D) Due to e-filing processing cost of return cannot be reduced.
26) Which of the following is the correct sequence for e-filing of Income Tax Return procedure ?
i) Fill the excel utility or Java utility and validate
ii) Generate an XML file and save in desired path
iii) Download the either excel of Java utility of ITR.
iv) Visit website www.incometaxindiaefiling.gov.in
A) iv, iii, ii, i
B) iv, iii, i, ii
C) ii, iii, iv, i
D) i, ii, iii, iv
27) Arrange the sequence of e-payment procedure.
i) Enter its PAN/TAN as applicable
ii) Select the relevant challn
iii) Visit www.tin-nsdl.com
iv) Click on the link for 'e-payment; Pay Taxes Online'
A) iv, iii, ii, i
B) i, ii, iv, iii
C) iii, iv, ii, i
A) i,ii,iii, iv
28) Which of the following bank is available for e-payment of taxes?
A) Oriental bank of commerce
B) Punjab National Bank
C) Union Bank of India
D) All of the above
29) Match the following:
|
i) Form may be downloaded from any place |
a. Pre-requisite of e-payment |
|
ii) Download the either excel or Java utility of the ITR |
b. Benefit of e-filing of ITR |
|
iii) Valid TAN or PAN |
c. Procedure of e-filing of ITR |
A) i, ii, iii
B) i, iii, ii
C) ii, i, iii
D) iii, i, ii
30) Mr.X having income less than Rs.4.50,000, can file his return of income by way of .........
A) E-filing without a Digital Signature
B) E-filing using a Digital Signature
C) Filing Physical Form of ITR
D) All of the above
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