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

STCG u/s 111A

All the other three

Lottery/ cross word/ gambling/ betting income

LTCG u/s 112

#2. 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)

31-01-2018

31-03-2018

01-02-2018

28-02-2018

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

Income tax

Estate Duty

Sales tax

Wealth Tax

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

Net Projected Assets

Non-Projected Assets

Non-Performing Assets

Net Performing Assets

#5. 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 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).. 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 @ 10%(tax rate of LTCG))

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%.

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

Fully exempt

Exempt upto Rs. 100000

Exempt upto Rs. 5000

Fully taxable

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

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

Taxable @20%

Fully Exempt

Exempt upto 1 lakh and thereafter Taxable @10%

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

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

Winning is in kind hence nothing is taxable.

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

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

#9. 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:-

Resident Individual

AOP & BOI

Non-resident Individual

Hindu Undivided Family

#10. 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)

2019-20

2018-19

2017-18

2020-21

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

Subject to dividend distribution tax

Fully taxable

Fully exempt

compulsorily reinvested

#12. What is full form of GST?

Goods and Securities Tax

Goods and Services Transaction

Goods and Service Tax

Goods and Sales Tax

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

Liquidity Term Rate Operation

Long Term Repo Operation

Liquidity Term Repo Operation

Long Term Rate Operation

#14. 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 @20%

Taxable as per slab rate

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

None of these

Direct tax

Both of these

Indirect Tax

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

Fully taxable as per slab rate

Exempt upto 10 lakh and thereafter taxable as per slab rate

Taxable @ 10%

Fully exempt

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

150000

100000

300000

15000

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

Individual who opted for NEW SLAB Rate tax Regime

HUF

Individual having total income Rs. 500000

Individual who opted for OLD SLAB Rate tax Regime

#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

all of the other three options

STCG u/s 111A

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

Taxable @20%

Taxable as per slab rate

Taxable @ 33%

Taxable @10%

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

#2. 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)

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

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

#5. 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?

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

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

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

#9. 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:-

#10. 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)

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

#12. What is full form of GST?

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

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

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

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

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

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

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

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

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