Taxation Quiz-2 (Multiple Choice Questions of Taxation)- Taxation MCQ (2020-21)

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No. of Questions: upto 20

Time limit: 300 Seconds

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Results

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#1. Dividend received from listed company in FY 2020-21 is.......................................in the hands of shareholders.

Exempt upto Rs. 100000

Fully exempt

Fully taxable

Exempt upto Rs. 5000

#2. In FY 2020-21, An option is provided u/s 115BAC to taxpayers to choose between OLD & NEW Slab rates, But this option is not available to which of the following category of taxpayers:-

AOP & BOI

Hindu Undivided Family

Resident Individual

Non-resident Individual

#3. In FY 2020-21, dividend received from equity oriented mutual fund is...................

Subject to dividend distribution tax

compulsorily reinvested

Fully taxable

Fully exempt

#4. What is full form of GST?

Goods and Services Transaction

Goods and Service Tax

Goods and Sales Tax

Goods and Securities Tax

#5. What’s the maximum deposit per year you can make under Sukanya Samriddhi Yojana?

150000

300000

15000

100000

#6. What is the applicable tax rate for long-term capital gain from debt oriented mutual fund for FY 2020-21.

Taxable @20% with indexation or 10% without indexation at option of assessee

taxable @10%

Taxable as per slab rate

Taxable @20%

#7. What is the applicable tax rate for short-term capital gain from debt oriented mutual fund for FY 2020-21.

Taxable @20%

Taxable @10%

Taxable @ 33%

Taxable as per slab rate

#8. For FY 2020-21, Mr Bean aged 40 years, is having total income of Rs. 5 lakh i.e. STCG (111A) for Rs. 2 Lakh and LTCG (sec 112) for Rs. 3 lakh..He has deposited Rs. 1.50 lakh in PPF for claiming deduction u/s 80C. which of the following is true about his taxability?

Out of income of 5 lakh...LTCG of 1 lakh is exempt and Rs. 1.50 lakh deduction u/s 80C and basic exemption limit if 2.5 lakh is deducted. and nothing is taxable.

Out of income of Rs. 5 lakh, LTCG is exempt upto 1 lakh..deduction u/s 80c not allowed from STCG(111A) & LTCG(112).. LTCG (2 lakh) taxable @10% and STCG (2 lakh) @15% as basic exemption limit also not allowed from LTCG & STCG.

Out of income of 5 lakh...Rs. 1.50 lakh deduction u/s 80C and basic exemption limit if 2.5 lakh is deducted. and balance 1 lakh is taxable @ 15%(tax rate of STCG)

Out of income of Rs. 5 lakh, LTCG is exempt upto 1 lakh..deduction u/s 80c not allowed from STCG(111A) & LTCG(112)..Basic exemption limit will be taken first from STCG (higher tax rate) then from LTCG and balance LTCG (1.5 lakh) lakh) taxable @10%.

Out of income of 5 lakh...Rs. 1.50 lakh deduction u/s 80C and basic exemption limit if 2.5 lakh is deducted. and balance 1 lakh is taxable @ 10%(tax rate of LTCG))

#9. What is full form of NPA in banking?

Net Projected Assets

Non-Projected Assets

Non-Performing Assets

Net Performing Assets

#10. What does RBI's LTRO stand for?

Long Term Repo Operation

Long Term Rate Operation

Liquidity Term Repo Operation

Liquidity Term Rate Operation

#11. Domestic company, whose total turnover or gross receipt during the previous year ............... does not exceed Rs. 400 crore, shall be taxed @25% in place of 30% for Assessment year 2021-22? (choose right option to fill in the blanks)

2020-21

2018-19

2019-20

2017-18

#12. Deduction u/s 80C is not allowed to be deducted from which of the following income?

LTCG u/s 112

Lottery/ cross word/ gambling/ betting income

STCG u/s 111A

All the other three

#13. In a gambling game, I won a car having market value Rs 10 lakh. Which is the taxability.?

Prize distributor shall ensure the payment of tax @30% on market value of car

It will be taxed if car is further sold by winner , if not sold then nothing is taxable

Prize distributor shall ensure the payment of tax @31.20% on market value of car.

Winning is in kind hence nothing is taxable.

#14. In Budget 2018, LTCG above rs. 1 Lakh from sale equity shares were made taxable @10% but all the gains upto date....................will be grandfathered. (choose right date to fill)

01-02-2018

31-01-2018

28-02-2018

31-03-2018

#15. Which of the following is true about dividend for FY 2020-21.

Exempt upto 10 lakh and thereafter taxable as per slab rate

Fully exempt

Taxable @ 10%

Fully taxable as per slab rate

#16. What is the applicable tax rate for long-term capital gain from equity oriented mutual fund for FY 2020-21.

Taxable @20%

Fully Exempt

Taxable @10% without indexation or 20% with indexation benefits at choice of assessee

Exempt upto 1 lakh and thereafter Taxable @10%

#17. Rebate u/s 87A, is not available to which of the following category of taxpayers?

HUF

Individual who opted for OLD SLAB Rate tax Regime

Individual having total income Rs. 500000

Individual who opted for NEW SLAB Rate tax Regime

#18. Which of the following is not a direct tax?

Income tax

Wealth Tax

Estate Duty

Sales tax

#19. Benefit of basic exemption limit is not allowed from which of the following income?

LTCG u/s 112

lottery/ crossword/ gambling or betting income

STCG u/s 111A

all of the other three options

#20. The Government's Vivad Se Vishvas Scheme is related to........

None of these

Direct tax

Both of these

Indirect Tax

Finish

Quizzes help us to test our knowledge and memory. Hence taking quizzes is a very important tool to sharpen our memory and helpful for various competitive examinations like bank exams, SSC, PCS, CGL etc.

No. of Questions: upto 20

Time limit: 300 Seconds

Results

#1. Dividend received from listed company in FY 2020-21 is.......................................in the hands of shareholders.

#2. In FY 2020-21, An option is provided u/s 115BAC to taxpayers to choose between OLD & NEW Slab rates, But this option is not available to which of the following category of taxpayers:-

#3. In FY 2020-21, dividend received from equity oriented mutual fund is...................

#4. What is full form of GST?

#5. What’s the maximum deposit per year you can make under Sukanya Samriddhi Yojana?

#6. What is the applicable tax rate for long-term capital gain from debt oriented mutual fund for FY 2020-21.

#7. What is the applicable tax rate for short-term capital gain from debt oriented mutual fund for FY 2020-21.

#8. For FY 2020-21, Mr Bean aged 40 years, is having total income of Rs. 5 lakh i.e. STCG (111A) for Rs. 2 Lakh and LTCG (sec 112) for Rs. 3 lakh..He has deposited Rs. 1.50 lakh in PPF for claiming deduction u/s 80C. which of the following is true about his taxability?

#9. What is full form of NPA in banking?

#10. What does RBI's LTRO stand for?

#11. Domestic company, whose total turnover or gross receipt during the previous year ............... does not exceed Rs. 400 crore, shall be taxed @25% in place of 30% for Assessment year 2021-22? (choose right option to fill in the blanks)

#12. Deduction u/s 80C is not allowed to be deducted from which of the following income?

#13. In a gambling game, I won a car having market value Rs 10 lakh. Which is the taxability.?

#14. In Budget 2018, LTCG above rs. 1 Lakh from sale equity shares were made taxable @10% but all the gains upto date....................will be grandfathered. (choose right date to fill)

#15. Which of the following is true about dividend for FY 2020-21.

#16. What is the applicable tax rate for long-term capital gain from equity oriented mutual fund for FY 2020-21.

#17. Rebate u/s 87A, is not available to which of the following category of taxpayers?

#18. Which of the following is not a direct tax?

#19. Benefit of basic exemption limit is not allowed from which of the following income?

#20. The Government's Vivad Se Vishvas Scheme is related to........

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