Income Tax TDS Quiz

What is the current TDS rate for individuals on interest income?

• 5%

• 15%

• 10%

• 20%

Under what section of the Income Tax Act, TDS is deducted on rent payments?

• Section 194H

• Section 194I

• Section 194J

• Section 194C

What is the due date for filing TDS returns?

• 15th of the following month

• End of the year

• 7th of the following month, except for March (30th of April)

• Last day of the month

What is the penalty for late filing of TDS returns?

• Rs. 50 per day

• Rs. 200 per day

• Rs. 500 per day

• Rs. 100 per day

How is TDS calculated on rent payments?

• By applying a certain percentage (usually 10%) on the total rent amount.

• By dividing the rent amount by the square footage of the property.

• By multiplying the rent amount by the number of bedrooms in the property.

• By taking the square root of the rent amount.

What is the threshold limit for TDS deduction on professional fees?

• Rs. 50,000

• Rs. 40,000

• Rs. 20,000

• Rs. 30,000

What is the TDS rate for non-resident individuals?

• 20%

• 30%

• 25%

• 15%

What is the consequence of not deducting TDS on payments as per the provisions?

• Financial rewards

• Legal immunity

• Tax exemption

• Penalties and interest charges

What is the TDS rate for rent payments for individuals?

• 5%

• 20%

• 10%

• 15%

What is the process for correcting errors in TDS returns?

• Log in to TRACES portal, go to 'Defaults' under 'Statements/Payments' tab, select 'Request for Correction', and provide necessary details for correction.

• Ignore the errors and hope they go away on their own

• Visit the nearest tax office and request correction in person

• Send an email to a random address requesting TDS return correction