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BI Quiz

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

Premium paid in Employer-Employee Insurance Scheme(EEIS) is claimed as business expense u/s……. of Income Tax Act

a)

80 C

b)

80 CCE

c)

37

d)

37(1)

2.

Which plan allowed in Keyman Insurance

a)

Term

b)

Child

c)

Pension

d)

ULIP

3.

Policies under EEIS can be assigned from employer to employee

a)

True

b)

False

4.

All receipts from insurance policy, in the hands of employer will be treated as business income u/s ………of Income Tax Act

a)

Sec 17 (3)

b)

Sec 28 (Vi)

c)

Sec 36

d)

Sec 2 (B)

5.

All receipts from insurance policy, in the hands of employee will be treated as profit in lieu of salary u/s 17(3)

a)

True

b)

False

6.

A proprietor can apply for policy on self under EEIS

a)

True

b)

False

7.

How much gratuity is tax free in hand of Employee at time of Retirement/ resignation

a)

15 L

b)

20 L

c)

10 L

d)

25 L

8.

What is Corporate tax rate for FY 19-20

a)

15% + Surcharge and cess

b)

18% + Surcharge and cess

c)

22% + Surcharge and cess

d)

25% + Surcharge and cess

9.

Which is corporate advance tax Date to pay 75% of Tax eligibility

a)

31st December

b)

15th December

c)

15th March

d)

31st Jan

10.

What is capping to save corporate tax for corporates

a)

1.5 Lakh

b)

10 Lakh

c)

1 Crore

d)

Unlimited

11.

Who cannot be key person of organization for key man Insurance

a)

Share holder of company

b)

employee from Senior management

c)

Contractual employee

d)

Leader of any project

12.

Which plan we cannot offer in Employer Employee Insurance scheme

a)

SWP

b)

Smart Term Plan with Trop Option

c)

MIAP

d)

PWP

13.

Under partnership insurance premium paid for term plan qualify for tax exemption under which section

a)

Sec 80 C

b)

Sec 37 (1)

c)

Sec 28

d)

Sec 17

14.

How a death Benefit can be tax free for employee under Employer Employee Insurance scheme/Keyman Insurance

a)

It will always be taxable

b)

After assignment to individual employee

c)

If claim is below 1 Crore it will be tax free

d)

Under Ex gratia Circular no. 573 Death benefit payment to family would be tax free

15.

What is maximum Premium we can take on life of one employee under employer employee Insurance scheme

a)

1 Crore

b)

Equal to annual salary

c)

Equal to monthly salary

d)

unlimited

16.

What is Maximum SA we can offer under Employer Employee Insurance scheme/Keyman Insurance

a)

Net Profit *5 Times

b)

Gross profit *3 Times

c)

Max SA allowed as per Age and Income matrix

d)

Lower of three

17.

Under Partnership Insurance which is correct statement

a)

It is mandatory to take insurance all partner

b)

SWP can be offered to partner

c)

We can offer partnership insurance to one partner also

18.

When employer can assign the policy to employee

a)

At time of applying policy

b)

At time of claim

c)

Any time during the term

d)

After one year of Issuance

19.

Is it mandatory to assign policy to Employee under employer employee insurance scheme

a)

True

b)

False

20.

How much tax employer have to pay on maturity of employer employee Policy

a)

10%

b)

No tax

c)

As per current year Slab of corporate Tax

d)

22%