INTEREST

1 . Advance tax instalment rates (w.e.f. June 1, 2016) for Firm are

• a . 30% , 60% & 100%

• b . 15%, 30% , 60% & 100%

• c . 15%, 45%, 75% & 100%

• d. 30%, 60%, 75% & 100%

2.Under section 234A, interest is levied for _ .

• (a) Delay in filing the return of income

• (b) Non-payment of tax

• (c) For non-payment of advance tax

• (d) For short payment of advance tax

3.Interest under section 234B for default in payment of advance tax

is levied @.......% per month or part of a month.

• (a) 1.5

• (b) 2

• (c) 1

• (d) 0.5

4.Interest under section ....... is levied from the first day of the assessment year,

i.e., from 1st April till the date of determination of income under section 143(1) or

when a regular assessment is made, then till the date of such a regular assessment.

• (a) 234A

• (b) 234C

• (c) 234B

• (d) 234D

5.Which Section provides for levy of interest for default in payment of instalment(s) of advance tax.

• (a) 234A

• (b) 234C

• (c ) 234D

• (d) 234B

6.The Income tax Act provides payment of interest to the assessee for

the delay of payment of refund under section .....

• (a) 234A

• (b) 234D

• (c) 220(2)

• (d) 244A

7.Interest chargeable with respect to Advance tax payment are

• (a) 234A , 234B & 234D

• (b) 234B & 234C

• (c) 234A & 220(2)

• (d) 234B & 234D

8.The amount of tax, penalty or other sum in respect of which interest is

to be calculated shall be rounded off to the nearest multiple of .... rupees.

• (a) Ten

• (b) one hundred

• (c) Both (a) & (b)

• (d) None

9.Interest on excess refund   granted to assessee at the time of summary assessment

is chargeable under section

• (a) 244A

• (b) 234D

• (c) 234F

• (d) 220(2)

10.If  Advance Tax paid upto 15th June is ....... and upto 15th Sept. is ........ ,

then no int. u/s 234C  is payable for these two quarters

• (a) 10% & 20%

• (b) 12% & 30%

• (c) 10% & 36%

• (d) 12% & 36%