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When no liability for payment of tax in advance arise by an assesses on his income if tax payable is 

This question was previously asked in
UGC NET Paper 2: Commerce 13th June 2023 Shift 2
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  1. Less than 10,000 
  2. Less than 50,000 
  3. Less than 5,00.000 
  4. Less than 7,50,000

Answer (Detailed Solution Below)

Option 1 : Less than 10,000 
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UGC NET Paper 1: Held on 21st August 2024 Shift 1
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Detailed Solution

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The correct answer is  Less than 10,000 

Key Points

  • Advance tax:
    • As per section 208, 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”
    • However, a resident senior citizen (i.e., an individual of the age of 60 years or above during the relevant financial year) not having any income from business or profession is not liable to pay advance tax
    • Advance tax is to be paid in different instalments. The due dates for payment of different instalments of advance tax are as follows:
    • qImage652493934026cb311df46a29
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Q1."Donation" offered by a person is deductible under __________ of the Income Tax Act, 1961.
Q2.What is the basic difference in the aggregates at market price and factor cost?
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Q4.Match List I with List II List I Tax deductions  List II Relevant Sections   (A) Deduction in respect of rent paid (I) 80 GGC  (B) Deduction in respect of contribution given by company to political parties  (II) 80 GG  (C) Deduction in respect of contribution given by any person to political parties (III) 80 GGA  (D) Deduction in respect of certain donations for scientific research  (IV) 80 GGB  Choose the correct answer from the options given below: 
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Q6.Penalty for late filing of the Income Tax Return for individuals under the Income Tax Act, 1961 is up to a maximum of amount of : 
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Q8.Match List I with List II. List I (Consequent outcome)  List II (Taxation Perspective ) A. The person is liable to penalty and prosecution I. Tax management B. Tax गs reduced by taking advantage of loopholes in the law II. Tax Avoidance C. The main aim is compliance with legal formalities  III. Tax Evasion D. It is a guide for decision-making  IV. Tax planning Choose the correct answer from the options given below: 
Q9.Which are the appropriate tax planning perspectives in case of shutdown or continued decision under the Income Tax Act, of 1961? A. Business loss and unabsorbed depreciation can be carried forward and set off against profit and gain. B. The loss-making company and profit-making company may merge to avail of the tax benefit C. Tax benefit of deduction u/s 33 AB and 115 VT may be withdrawn and liable to tax for the year in which the business is discontinued. D. The condition of section 80 IB / 80 IC of the Act, a deduction is allowed for such undertaking E. If a person has more than one business, the loss-making business may not be discontinued. Choose the most appropriate answer from the options given below:
Q10.'Pin Money' is used for ______

More Income-tax and Corporate Tax Planning Questions

Q1."Donation" offered by a person is deductible under __________ of the Income Tax Act, 1961.
Q2.Usually, the reduction in taxes will have a ______ multiplier effect compared to an increase in government spending on aggregate demand.
Q3.What is the basic difference in the aggregates at market price and factor cost?
Q4.Given below are two statements Statement I: Long term capital loss can only be set off against the long term capital gains. Statement II: Long-term capital gains exceeding Rs one lakh are subject to tax at the rate of 10% with indexation and at 20% without indexation. In light of the above statements, choose the most appropriate answer from the options given below 
Q5.Steps involved in computation of tax on agricultural income in India are followed in which sequence? A. Add basic exemption limit to Net agriculture income and calculate tax B. Deduct rebate u/s 87A from the total income C. Add Health Cess D. Add Agricultural and Non-agriculture income and calculate tax on total income E. Calculate difference of tax in both computations Choose the correct answer from the options given below  
Q6.Match List I with List II List I Tax deductions  List II Relevant Sections   (A) Deduction in respect of rent paid (I) 80 GGC  (B) Deduction in respect of contribution given by company to political parties  (II) 80 GG  (C) Deduction in respect of contribution given by any person to political parties (III) 80 GGA  (D) Deduction in respect of certain donations for scientific research  (IV) 80 GGB  Choose the correct answer from the options given below: 
Q7.Expenses that are not deductible under Section 58 of the Indian Income Tax Act for computing the income chargeable under the head “Income From Other Sources": A. Personal expenses B. Interest payable outside India on which tax has not been paid or deducted at source C. Wealth tax D. Commission for realizing dividend income or interest on securities E. Expenses which are not of capital nature like repairs, depreciation on plant and insurance premium Choose the correct answer from the options given below:  
Q8.Penalty for late filing of the Income Tax Return for individuals under the Income Tax Act, 1961 is up to a maximum of amount of : 
Q9.Under Section 80TTB of the Income Tax Act, which amount of benefits is available to senior citizens on account of interest income from deposits with banks or post-office or cooperative banks? 
Q10.Provisions of the Vivad se Vishwas Act, 2020 does not apply in respect of tax arrears relating to which one of the following ? 
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