WorksheetsTax Quiz 1
Total questions: 20
Worksheet time: 11mins
Life Insurance Premiums paid by a HUF are eligible for deductions under which section of the Income tax Act, 1961?
(a)
What is full form of DTAA?
Double Taxation Avoidance Agreement
Double Taxation Acceptance Agreement
The payee will not get the DTAA benefit if No TRC is available or Validity of TRC is expired at the time of payout.
True
False
At what rate tax will be deducted in case of Non PAN cases at the time of policy payout?
20%
10%
12%
15%
What is the GST rate applicable for Saving plan for the First year premium?
12%
18%
4.50%
10%
Under which section of Income tax Act,1961, deduction can be claimed for premium paid towards Critical Illness rider?
80CCC
80D
80E
80TTA
What should be considered as Annual premium for ascertaining the applicability of Section 10(10D) of the Income tax Act, 1961?
Base Premium + Rate up premium
Base Premium + Rate up premium+ GST
Base Premium
Base Premium + GST
Who is eligible to claim deduction u/s 80D of the Income tax Act, 1961?
Individual & HUF
Partnership Firm
Trust
All of the above
Section 10(10D) of the Income tax Act, 1961 is applicable to Pension policies
True
False
When will be CGST & SGST applicable?
Goods sold within the state i.e Intra State
Goods sold outside the state i.e Inter state
Goods sold outside the country
All of the above
GST amount charged in proforma invoice can be paid by the Company.
True
False
We have received invoice from a vendor in Gujarat for services rendered in Tamil Nadu, which SAP tax code for booking GST credit should be used?
IGST of Gujarat
IGST of Tamil Nadu
CGST & SGST of Gujarat
CGST & SGST of Tamil Nadu
We can claim GST credit for invoice dated February 2019 submitted for payment in August 2020
True
False
What rate of deduction is to be applied once the income limit of lower tax deduction certificate is exhausted?
Standard rate as per TDS section
Rate as per Lower tax deduction certificate
Nil rate
What nature of payment is subject to equalization levy?
Professional fees
Rent
Digital advertising
Contract
Which form summaries the total tax deducted against a PAN for a financial year?
Form 26AS
Form 16A
Form 60
From 10F
___________ is a purchase related tax return that is automatically generated by the GST portal
GSTR 3B
GSTR 1
GSTR 2A
GST is levied on………………..
Manufacturers
Retailers
Consumers
All of the above
What is the current Rate of TDS on policy payouts, due to Pandemic conditions?
3.75%
7.50%
11.25%
1.50%
GST paid on life insurance premium can be claimed as input tax credit
True
False
