Advance paymet of tax

Advance payment of tax is in the nature of

• Capital expenditure

• Prepaid expenditure

• Outstanding expenditure

• Revenue expenditure

Mr. A, whose total sales is ` 201 lakhs, declares profit of ` 10 lakhs for the F.Y. 2019-20. He is liable to pay advance tax

• in one instalment

• in two instalments

• in three instalments

• in four instalments

Which of the following assessee is not liable to pay advance tax u/s 207?

• A senior citizen having income chargeable under the head ‘profits and gains of business or profession’

• A senior citizen not having in-come chargeable under the head ‘profits and gains of business or profession’

• A super senior citizen having in-come chargeable under the head ‘profits and gains of business or profession’

• A resident individual not being senior citizen having income chargeable under the head ‘profits and gains of business or profession’.

What is advance payment of tax is also called as?

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”.

• 208

• 218

• 205

• 215

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 __________ _ .

• 15th June

• 30th June

• 15th September

• 30th September

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

• 15%

• 45%

• 75%

• Nil

Taxpayers other than a company, who are required to get their accounts audited, have to pay tax by physical mode i.e. by depositing the challan at the receiving bank.

• True

• False

Answer explanation

Taxpayers other than a company, who are required to get their accounts audited, have to

pay tax through the electronic payment mode using the internet banking facility of the authorised banks. Any other taxpayer can pay tax either by electronic mode or by physical mode i.e. by depositing the challan at the receiving bank. Thus, the statement given in the question is false and hence, option (b) is the correct option.

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 ____________ _.

• 15th March

• Last day of January

• Last day of February

• 15th September

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.

• 35

• 34D

• 34C

• 28A