Budget Quiz-2022

W.e.f 1st April 2022 Alternate Minimum tax payable by Cooperative Societies u/s 115JC has been reduced from 18.5% to

• 15%

• 12%

• 10%

• 8%

If the total income of a Cooperative Society exceeds Rs 1 Crore then the surcharge will be 12% s applicable income tax. This has been capped to 7 % for societies fulfilling which of these criteria?

• Total IncomeBelow 5 crores
• Total income between 1 to 10 crores
• Total income between 5 to 10 crores
• Total income between 1 to 5 crores

For certain domestic companies, a concessional tax regime of 15 percent tax was introduced by our government for newly incorporated domestic manufacturing companies. As per the new Budget,what is the last date for commencement of manufacturing or production under section 115BAB ?

• 31-Mar-23

• 31-Mar-25

• 31-Mar-24

• 31-Mar-22

In the globalized business world, there are several works contracts whose terms and conditions mandatorily require formation of a consortium. The members in the consortium are generally companies. In such cases, the income of these AOPs has to suffer a graded surcharge upto 37 per cent, which is a lot more than the surcharge on the individual companies. Accordingly, the Surcharge of these AOP’s hasbeen capped in this budget at what rate?

• 10%

• 7.50%

• 12%

• 15%

A surcharge of Long-term capital gains has been capped to 15 percent in this current budget. Earlier till the current AY, LTCG other than from shares, units, etc. have had to suffer a graded surcharge which goes up to what rate?

• 30%

• 35%

• 37%

• 42%

The facility to file 'updated' return within 2 years has been introduced under which section of the Income Tax Act, 1961?

• 139(9)
• 139(8A)
• 139(3B)
• 139(5)

ABC trading Pvt Ltd purchases an NFT for Rs. 51000/- from a digital vendor. What is the rate of TDS to be deducted for this payment by ABC Trading Pvt Ltd u/s 194S?

• 10%

• 0%

• 5%

• 1%

As a business promotion strategy, ABC Private Limited passes on benefits and perquisites to their agents. Such benefits are taxable in the hands of the agents. TDS needs to be deducted on such transactions @10% u/s 194R. What is the minimum yearly threshold for deducting such TDS to an agent by ABC private Limited?

• Rs. 10000
• Rs. 20000
• Rs. 50000
• Rs. 100000

The parent or guardian of a differently abled person can take an<br />insurance scheme for such person. The Budget 2022 has allowed the payment of annuity and lump sum amount to the differently abled dependent during the lifetime of parents/guardians, i.e., on parents/ guardians attaining the age of sixty years. This falls under the purview of which Income Tax Section?

• Section 80D
• Section 80DDB
• Section 80DD
• Section 80CCD

Exemptions for COVID assistance received by assessee u/s 17(2) is allowed only when such payments are received within how many months fromthe death of the deceased person?

• 2 months
• 9 months
• 6 months
• 12 months