WorksheetsBI Quiz
Total questions: 20
Worksheet time: 10mins
Premium paid in Employer-Employee Insurance Scheme(EEIS) is claimed as business expense u/s……. of Income Tax Act
80 C
80 CCE
37
37(1)
Which plan allowed in Keyman Insurance
Term
Child
Pension
ULIP
Policies under EEIS can be assigned from employer to employee
True
False
All receipts from insurance policy, in the hands of employer will be treated as business income u/s ………of Income Tax Act
Sec 17 (3)
Sec 28 (Vi)
Sec 36
Sec 2 (B)
All receipts from insurance policy, in the hands of employee will be treated as profit in lieu of salary u/s 17(3)
True
False
A proprietor can apply for policy on self under EEIS
True
False
How much gratuity is tax free in hand of Employee at time of Retirement/ resignation
15 L
20 L
10 L
25 L
What is Corporate tax rate for FY 19-20
15% + Surcharge and cess
18% + Surcharge and cess
22% + Surcharge and cess
25% + Surcharge and cess
Which is corporate advance tax Date to pay 75% of Tax eligibility
31st December
15th December
15th March
31st Jan
What is capping to save corporate tax for corporates
1.5 Lakh
10 Lakh
1 Crore
Unlimited
Who cannot be key person of organization for key man Insurance
Share holder of company
employee from Senior management
Contractual employee
Leader of any project
Which plan we cannot offer in Employer Employee Insurance scheme
SWP
Smart Term Plan with Trop Option
MIAP
PWP
Under partnership insurance premium paid for term plan qualify for tax exemption under which section
Sec 80 C
Sec 37 (1)
Sec 28
Sec 17
How a death Benefit can be tax free for employee under Employer Employee Insurance scheme/Keyman Insurance
It will always be taxable
After assignment to individual employee
If claim is below 1 Crore it will be tax free
Under Ex gratia Circular no. 573 Death benefit payment to family would be tax free
What is maximum Premium we can take on life of one employee under employer employee Insurance scheme
1 Crore
Equal to annual salary
Equal to monthly salary
unlimited
What is Maximum SA we can offer under Employer Employee Insurance scheme/Keyman Insurance
Net Profit *5 Times
Gross profit *3 Times
Max SA allowed as per Age and Income matrix
Lower of three
Under Partnership Insurance which is correct statement
It is mandatory to take insurance all partner
SWP can be offered to partner
We can offer partnership insurance to one partner also
When employer can assign the policy to employee
At time of applying policy
At time of claim
Any time during the term
After one year of Issuance
Is it mandatory to assign policy to Employee under employer employee insurance scheme
True
False
How much tax employer have to pay on maturity of employer employee Policy
10%
No tax
As per current year Slab of corporate Tax
22%
