The 'Advance Tax' payment schedule for a non-corporate assessee is: MCQ with Answer and Explanation

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The 'Advance Tax' payment schedule for a non-corporate assessee is:

A. 31st March only

B. 15th June, 15th September, 15th December, 15th March

C. 15th March only

D. 15th September, 15th December, 15th March

Answer: Option B

Solution (By JKSSB Mock Tests)

For non-corporate taxpayers, advance tax is due in four instalments: 15th June (15%), Sept (45%), Dec (75%), March (100%) of tax due.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

What is the primary scope of a 'Tax Audit' under Section 44AB of the Income Tax Act?

A. To assess social impact

B. To value the shares of the company

C. To find accounting errors

D. To ensure books are maintained per tax laws and compute taxable income correctly

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Correct Answer: Option D

Explanation:
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.

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Question #2

AS 5 (Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies) requires that extraordinary items should be:

A. Not disclosed

B. Disclosed separately in the profit and loss statement

C. Shown as appropriation

D. Clubbed with regular income

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Correct Answer: Option B

Explanation:
Extraordinary items are disclosed separately to show their nature and amount.

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Question #3

If debt-equity ratio is 2:1 and total assets ₹12,00,000, long-term debt is: (Assume no current liabilities)

A. ₹2,00,000

B. ₹4,00,000

C. ₹8,00,000

D. ₹6,00,000

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Correct Answer: Option C

Explanation:
Total assets = Equity + Debt (since no CL). D/E = 2, so D=2E. E + 2E = 12L => 3E=12 => E=4L, D=8L.

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