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Test ur knowledge advance tax - give answer with explanation

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1. As per section _____________, every person whose estimated tax liability for the year is Rs. 10,000 or more, shall pay his tax in advance, in the form of

“advance tax”.

(a) 205 (b) 208 (c) 215 (d) 218

Q2. A resident senior citizen (i.e., an individual of the age of 60 years or above) not having any income from business or profession is not liable to pay advance tax.

(a) True (b) False

Q3. All taxpayers (other than the eligible assessee as referred to in section 44AD or section 44ADA) are required to pay up to 45% of advance tax by ___________.

(a) 15th June (b) 30th June (c) 15th September (d) 30th September

Q4. Taxpayers opting for presumptive taxation scheme of Section 44AD are required to pay up to of advance tax by 15th June?

(a) 15% (b) 45% (b) 75% (d) Nil [As amended by Finance Act, 2017]

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Q5. While computing the advance tax liability, only TDS/TCS will be deducted, however, any relief of tax allowed under section 90 or 90A or 91 or any tax credit allowed to be set off as per section 115JAA or section 115JD will not be deducted.

(a) True (b) False

Q6. The order of the Assessing Officer under section 210(3) requiring the taxpayer to pay advance tax on his current year’s income may be passed during the financial year, but not later than _____________.

(a) 15th March (b) Last day of January (c) Last day of February (d) 15th September .

Q7. After making payment of first/second/third instalment of advance tax, if there is a change in the tax liability, then the taxpayer can revise the quantum of advance tax in the remaining instalment(s) and pay the tax as per revised estimates.

(a) True (b) False

. Q8. On receipt of the notice from the Assessing Officer to pay advance tax, if the taxpayer’s estimate is lower than the estimate of the Assessing Officer, then he has to send intimation in Form No.________ to the Assessing Officer.

(a) 35 (b) 34C (c) 34D (d) 28A