Income tax law and practice II (28/02/2023)

1. The charging section of the income under the head capital gains is :

• A. Section 15

• B. Section 17

• C. Section 10

• D. Section 45 (2)

No TDS shall be deducted on GST component included in invoice, where the amount of such GST is __________

• a) Separately indicated in the invoice

• b) Shown as a part of the invoice

• c) Only when a separate invoice is issued in respect of such GST

• d) None of the above

Any person responsible for paying salaries shall be required to deduct tax at source at the ___________

• a) Time of credit of account of employee

• b) Time of payment

• c) (A) or (B), whichever is earlier

• d) None of the above

Any person responsible for paying salaries shall be required to deduct tax at source at the _________ of income-tax, computed on the basis of __________ for the relevant financial year.

• a) Maximum marginal rate, rates in force

• b) Average rate, rates in force

• c) Average rate, 20%

• d) Maximum marginal rate, 20%

TDS from salaries has to be deducted by which of the following ?

• a) Individual and HUF

• b) Firms and LLP’s

• c) Companies

• d) All of the above

Mr. Sondesh has received dividend on shares issued by foreign company during the PY 2022-23, in which he owned 20% equity shares. Such dividend would be ____________

• a) Taxable at 10%

• b) Exempt from tax in the hands of Mr. Sondesh

• c) Taxable at slab rate applicable to such Individual

• d) Taxable at 20%