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WorksheetsTaxation Questions
Total questions: 15
Worksheet time: 8mins
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
What is the time period after which any gain made by the Investor is considered as long term capital gain for equity schemes
More than 12 months
24 months
36 months
less than 12 month
What is the time period after which any gain made by the Investor is considered as long term capital gain for debt scheme
More than 12 months
More than 36 months
less than 36 months
24 months
For getting Equity Taxation fund needs to maintain_____
65% gross equity
65% net equity
80% net equity
75% gross equity
Mr.x have the Investment in Large cap fund of Rs 5000, after 5 years he is redeeming the amount of Rs 120000 so how much amount is taxable and at what rate?
70000 @ 10%
50000 @ 10%
No tax is applicable
15000 @ 10%
If the Investment amount is Rs 5000 in Flexicap Fund and after 5 years the valuation is 10000rs. What will be the tax liability ?
No tax since the LTCG on equity is exempt
No tax since the capital gain is less than 1 Lakhs
No tax since the gain is unrealized
None of the above
