Income Tax - Tax Collection at Source

Who can impose penalty U/S 271CA i.e, Penalty on failure to collect TCS

• Joint Commissioner

• Principal Chief Commissioner

• Chief Commissioner

• Additional Commissioner

What is the penalty for false statement or producing false accounts in verification U/S 277 if tax sought to be evaded is more than Rs.25 lakh?

• 6 months ≤ Rigorous Imprisonment ≤ 2yrs and Fine

• 3 months ≤ Rigorous Imprisonment ≤ 7yrs

• 3 months ≤ Prosecution ≤ 7yrs and Fine

• 6 months ≤ Rigorous Imprisonment ≤ 2yrs

Every person liable to collect TCS shall apply for TAN within ………. from the date of collection of tax.

• 15 days

• 2 Months

• 1 Month

• 45 days

If there is any discrepancy in the value of supplies, submitted by the Operator in the statements and supplies submitted by suppliers in their returns &such discrepancy in value is not rectified within the given time, then who will liable to pay the difference amount :-

• Supplier will have to pay the differential amount of output tax along with interest.

• Operator will have to pay the differential amount of output tax along with interest.

• Both are liable to pay equally

• Not payable by anyone.

No penalty under section 271H will be levied in case of delay in filing the TDS/TCS return if following conditions are satisfied:

         i.            TCS paid to the government

       ii.            Late filing fees paid to the government

      iii.            The TDS/TCS return is filed before the expiry of a period of Six months from the due date specified in this behalf.

     iv.            The TDS/TCS return is filed before the expiry of a period of one year from the due date specified in this behalf.

 

Select the right combination of the above-

• i, ii& iii

• i&iv

• ii&iv

• i, ii&iv

Due date for filing of TCS return (27EQ) for the last quarter of financial year 2022-23.

• 15^th April 2023

• 30^th April 2023

• 15^th May 2023

• 31^st May 2023

Every person, being a seller, who receives any amount as consideration for the sale of a motor vehicle of the value exceeding ______________, shall collect tax from the buyer at the rate of ______of the sale consideration.

• 25 lakhs, 2%

• 25 Lakhs, 1%

• 10 Lakhs, 2%

• 10 Lakhs, 1%

Authorized Dealers like banks are required to collect tax if an individual remits an amount of _________or more out of India under Liberalized Remittance Scheme.

• 8 Lacs or more

• 9 Lacs or more

• 7 Lacs or more

• 5 Lacs or more

Which statement is false?

                                 i.            The activity of transfer of goods from one branch to another should not be construed as a sale transaction and accordingly, TCS need not be collected on inter-branch transfer of goods.

                               ii.            TCS is not applicable in relation to transactions in securities and commodities that are traded through recognized stock exchanges or recognized Clearing Corporations located in International Financial Service Centre.

                              iii.            TCS under Section 206C(1H) is collected on the Sale of immovable property.

Seller is required to collect TCS if his turnover in the preceding financial year exceeds 10 Lakhs

• iii.

• iii.,iv

• i, iv

• iii, ii

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