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Taxation Quiz: Pay As You Earn and Advance Tax

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Taxation Quiz: Pay As You Earn and Advance Tax

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Questions and Answers

What does 'Pay As You Earn' refer to in taxation?

Tax liability incurred based on estimated income (correct)

A method of deferred taxation

Flat tax rate for all income brackets

Tax exemption for self-employed individuals

Advance Tax liability includes provisions under Section 44AD and 44ADA.

True

What sections pertain to advance tax liability primarily for self-employed individuals?

Section 44AD and 44ADA

Advance tax is typically required to be paid in _____ of the financial year.

<p>installments</p> Signup and view all the answers

Match the following terms with their descriptions:

<p>Advance Tax = Tax paid in installments based on estimated income Section 44AD = Provisions for small business taxation Section 44ADA = Provisions for professionals regarding income tax Self-Assessment Tax = Tax calculated and paid by the taxpayer at the end of the year</p> Signup and view all the answers

Study Notes

Pay As You Earn (PAYE)

A system in which taxpayers pay income tax throughout the year as they earn income.
This helps avoid a large tax bill at the end of the financial year.

Advance Tax Liability

Section 44AD and 44ADA of the Income Tax Act pertain to advance tax liability under certain circumstances.
For self-employed individuals, the sections relevant to advance tax liability are likely different.
Self-employed individuals should check the relevant sections of the Income Tax Act.

Advance Tax Payment Schedule

Advance tax payments are typically required to be made in installments throughout the financial year.

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Match the terms with their descriptions to understand the concepts fully.

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Description

Test your knowledge on taxation concepts such as 'Pay As You Earn' and advance tax liabilities for self-employed individuals. This quiz will cover key legal provisions and deadlines related to taxation. Suitable for finance students and professionals alike.