Taxation Questions

Income Tax Act ____ ?

• 1951

• 1961

• 1991

• 1981

Full form of ELSS?

• Equity Linked Securities scheme

• Equity Linked Savings Scheme

• Equity Linked Short Scheme

• None of the above

Equity Linked Savings Scheme provides tax benefit under section_____ of income tax act

• 80U

• 80E

• 80C

• 80D

Full form of TDS ?

• Tax Deducted at source

• Tax Deductible at service

• Tax Department at service

• Tax Distributed at source

STCG is applicable at ___ for equity schemes ?

• 10 % on gain above Rs 1 lakhs

• 15%

• 20 % with indexation benefit

• As per the tax slab applicable to Investor

STCG is applicable at ___ for debt schemes ?

• 10 % on gain above Rs 1 lakhs

• 15%

• 20 % with indexation benefit

• As per the tax slab applicable to Investor

LTCG is applicable at ___ for equity schemes ?

• 10 % on gain above Rs 1 lakhs

• 15%

• 20 % with indexation benefit

• As per the tax slab applicable to Investor

LTCG is applicable at ___ for debt schemes ?

• 10 % on gain above Rs 1 lakhs

• 15%

• 20 % with indexation benefit

• As per the tax slab applicable to Investor

How much Maximum deduction can be claimed U/S 80C for ELSS (Equity Linked Savings Scheme) ?

• 1 lakhs p.a

• 10 lakhs p.a

• 1.5 lakhs p.a

• Any amount up to Rs 50 lakhs p.a

Indexation benefits are applicable to equity schemes

• TRUE

• FALSE