Every employer should pay fringe benefit tax within
One month from the end of each quarter
One week from the end of each quarter
15 days from the end of each quarter
Last day of the quarter
Correct Answer :
C. 15 days from the end of each quarter
Related Questions
Every employer should pay fringe benefit tax within
One month from the end of each quarter
One week from the end of each quarter
15 days from the end of each quarter
Last day of the quarter
The rates of Income Tax are specified in
Income Tax Act, 1961
Income Tax Rules, 1962
Finance Act
Circulars of CBDT
The term "Person" includes
A Registered Firm
An Unregistered Firm
All of the above
None of the above
If both parents are earning then income of a minor child will be clubbed with
Income of parent having higher income
Proportionately with both parent's income
Income of parent having lower income
None of the above
Income received or deemed to be received in India (whether accrued in or outside India) is taxable in case of
Resident
Not Ordinarily Resident
Non Resident
All of the above.
Sale of agricultural land on 1st April, 1970 is an example of transfer of capital asset.
True
False
According to Section 2(7) of Income Tax Act "Assessee" means
A person by whom any tax or other sum of money is payable
A person by whom any proceeding under the Act has been taken
A person who is deemed to be an assessee in default under any provision of this Act
All of the above
Contribution to superannuation fund is
Treated as fringe benefit
Not considered as fringe benefit
Depends on the amount of contribution
None of the above
Mr.Karan Kapoor's Taxable Income is Rs.10,00,000. The tax amount will be
Rs. 1,00,000
Rs. 1,50,000
Rs. 2,00,000
None of the above
The amount of interest on borrowed capital allowable as deduction in case of a let out property is
The actual amount of interest
Rs.30,000
Rs 30,000 or Actual amount which ever is lower
Rs.1,50,000
Tax' is imposed on a person by
State Govt.
Central Govt.
Both of the above
None of the above
Expected Rent can be determined in the following way
Higher of Municipal Value & Fair Rent
Lower of Municipal Value & Fair Rent
Higher of Municipal Value & Fair Rent subject to maximum of Standard Rent
Any of the above
Which of the following statements is incorrect?
Income tax is a direct tax
Wealth tax is a central govt. tax
Excise duty is an example of direct tax.
Entry tax is a state govt. tax.
The aggregate income of Mr. Tanmoy under the different heads of income is Rs.1, 50,000. He will get a deduction of Rs.30, 000 under sections 80C to 80U.His Gross Total Income and Net Total income are
Rs.150000 & 30000 respectively
Rs.150000 & 120000 respectively
Rs.120000 & 30000 respectively
None of the above.
For a senior citizen the amount of deduction U/s 80D available is
The amount of premium paid or Rs.10,000 whichever is higher
The actual amount of premium paid or Rs.10,000 whichever is lower
The actual amount of premium paid or Rs.15,000 whichever is lower
None of the above
The Income Tax Act, which is still in force in India, was enforced in
1922
1961
1860
None of the above
The income of previous year of an assessee is taxed during the following assessment year
True
False
For the purpose of Fringe Benefit Tax, the term 'Employer' does not include
Individual and HUF
Corporate
Partnership firm
None of the above
The taxable Income computed should be rounded off to the nearest multiple of Rs.10.
True
False
Sec. 234A deals with
Interest in default in furnishing return of income
Interest for concealment of particulars
Interest for default in payment of advance tax
None of the above
Interest on capital, borrowed on 10.10.2000, for self-occupied property is deductible upto a maximum amount of
Rs.1,00,000
Rs.1,50,000
Rs.50,000
No limit
Income of a minor will not be clubbed with his/her parent's income if
Such income is earned by that child by applying his/her physical labour,talent or any specialized knowledge
Child is illiterate
Parents are handicapped
the child does not give her consent
The aggregate amount of deductions under chapter VI-A can not exceed
Rs. 50,000
Gross Total Income
Rs 1,00,000
None of the above
The Income Tax Act 1961 came into force on
13th Oct. 1961
1st April 1961
13th Sept 1961
13th Dec 1961
If a self occupied property is converted into HUF property without adequate consideration then
Entire income from such property will be clubbed with the income of the transferor
50% of such income will be clubbed
Such income will not be clubbed
None of the above
When a person has paid the security transaction tax on transfer of equity shares he does not have to pay any tax on long term capital gain arising on transfer of that equity share.
True
False
TDS, in case of salary should be deposited within
Within 15 days from the end of the month in which such tax is deducted
Within 30 days from the end of the month in which such tax is deducted
Within 7 days from the end of the month in which such tax is deducted
On the next working day
A company is considered to be resident if
It is an Indian Company
During the previous year it's control and management is situated wholly in India
(a) & (b) both
Any of the above
Amit has received Rs.25,000 from his former employer as arrear salary of 2004-05 previous year, Rs.85,000 from present employer and Rs.50,000 from the company he is going to join from 01.04.2006, during the previous year 2005-06. The total amount of salar
Rs.1,60,000
Rs.1,30,000
Rs.1,10,000
Rs. 80,000
The apex body of Income Tax Department. is
Finance Ministry of Central Govt.
Central Govt. of India.
CBDT
Dept. of Revenue