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The objective of launching the OASIS project in country was which of the following except:
Which of the following come under the scope of the Maintenance and Welfare of Parents and Senior Citizens Act, passed in 2007?
Which of the following Ministry issued instructions to the insurance industry allowing entry into health insurance till 65 years of age and tax benefits to a senior citizen for taking up such schemes?
Which of the following Ministry issued advisories for setting up of a toll-free senior citizen helpline?
The key policy recommendation of OASIS scheme was:
Under which of the following scheme only the employer contributes to the scheme and is responsible for providing guaranteed monetary benefit to employees on retirement?
Under defined benefit scheme the eligibility of pension amount is determined on the basis of which of the following except:
The pension received by the employee from the employer is:
Under which of the following scheme it became simpler for employees to move their pension accounts with one employer to another employer or even retain them post change in residence status?
Employees appointed and joint before 1.1.2004 under Centralized Civil services regime are eligible for:
Which of the following is not eligible to receive the family pension in case of death of pensioner?
Who regulated the National Pension System in the country?
What is the minimum age limit required to begin contribution in NPS?
A person can approach a _____ designated to open NPS accounts after carrying out the KYC procedure.
In which of the following under NPS, contribution is compulsorily required by the account holder?
Which of the following statement is incorrect?
Under Employee Provident Fund scheme _____.
An employee is eligible to receive gratuity once he/she completes ___ years of working with an organization.
Gratuity can be paid even prior to completing 5 years of service in case of which of the following except?
While computing Gratuity of an employee the maximum number of days considered in a month is?
For non-government employee gratuity exempt is:
EPF contributions during the working life of the employee fall under the _____ status.
Under which of the following circumstances PF can be withdrawn using a non-refundable advance route?
Which of the following statement is incorrect about NPS?
Which of the following statement is true regarding child pension given to the children of EPF subscriber?
To be eligible for EPS, an employee should be a member of the EPFO.
The pension so received under EPS is an annuity payment and is fully taxable at the individual’s marginal rate of tax.
An organization of 40 workers wants to set up a provident fund for retirement saving of its worker from whom it should take permission to get tax benefit similar to those of statutory PF?
Which of the following statement is correct regarding Employee Deposit Linked Insurance?
EPF falls under _____ category under Income Tax Act, 1961.
Contribution made to EPF is exempt to the limit of ____.
The withdrawals done during the tenure of the fund for an emergency or marriage or education are:
_____ allotted to every member of the EPFO – using which he can manage his Provident Fund account.
UAN is issued by ____.
National Pension System is regulated by ____.
Which of the following statement is correct regarding the NPS account:
Statement 1: It is compulsory for the NPS account holder to invest in Tier 1 account and withdrawals are permitted from Tier 1 account within the term of the fund before retirement – except for special circumstances.
Statement 2: One can open a Tier II account only post opening the Tier I. This is a voluntary account that a citizen can open under the NPS and the withdrawals are unrestricted.
Which of the following statement is incorrect:
Statement 1: All the contributions made to NPS both Tier 1 and Tier 2 accounts are eligible for tax exemption under Section 80 C and 80 CCD(1B).
Statement 2: Only the contribution made to Tier 1 account is eligible for tax deductions under sections 80 and 80CCD (1B).
Contribution to Tier 1 account in NPS is eligible for deduction under which of the following?
Pension received from the NPS fund is:
Under ____ the asset allocation of the subscriber’s fund follows a life-cycle-based approach reducing the allocation to equities with the subscriber’s increasing age.
_____ are the initial points of contact for any subscriber wanting to activate an NPS account.
Which of the following is least likely a function performed by Central Record Keeping Agency?
Which of the following is least likely a function of NPS trust?
Which of the following is the function of Trustee bank:
Public Provident Fund is a ___ year product.
Public Provident Fund has a _____ tax status under Income Tax Act .
_____ is minimum and _____ is maximum contribution limit to invest in PPF during a financial year.
Who are eligible to open the PPF account?
From when is one eligible to make the withdrawal from PPF account and how many times during a year?
Eligible for loan from PPF:
Under which type of annuity the policyholder begins to receive annuity payments immediately after depositing a certain lump sum?
Under which type of annuity the policyholder receives an annuity after a certain number of years after depositing a certain lump sum?
Market-linked investments from insurance plans are called _____.
Which of the following is not a feature of ULIP?
____ is an autonomous body set up by the government of India to promote the insurance industry in India and protect the interests of the policyholders.
Under which of the following, annuities will continue for a period of the policyholder’s lifetime or the guaranteed period whichever ends later.
Age limits for opening senior citizen saving account is _____.
Maturity term of SCSS is ____, a one time extension for ____ year is allowed.
Maximum amounts of investment in scss _____.
Post office monthly income scheme has a maturity period of ____ years. Extension period is ____.
All receipts under RML shall be ____ from income tax.
Under which of the following conditions an employee is eligible to receive gratuity prior to completion of 5 years?
Which of the following factors least likely will affect the gratuity payable to employee?
Which of the following formula can be used to calculate gratuity payable to an employee of the organization covered under the Payment of Gratuity Act?
Which of the following formula can be used to calculate gratuity payable to an employee of the organization not covered under the Payment of Gratuity Act?
An employee or his nominee who is eligible for payment of gratuity shall apply within ____ days from the date the gratuity became payable.
Gratuity received by a government employee is ____.
If an employee is working in an organization to which the Payment of Gratuity Act applies, which of the following can be used to calculate gratuity taxable amount?
If an employee is working in an organization to which the Payment of Gratuity Act do not applies which of the following can be used to calculate gratuity exempt amount?
Leave Encashment received by a non-government employee is :
An ____ is a voluntary payment made by the employer without any obligation to make such payments.
Which of the following are eligible to receive family pension?
Features of employee deposit linked insurance scheme are which of the following, except:
In an active choice of NPS which is the option not available for investment>
Does NPS gives a guaranteed returns?
Which is not a method to estimate the amount of income required in retirement?
____ is the stage at which the saving and investment for the retirement corpus are made.
____ stage of retirement is when the corpus created in the accumulation stage is employed to generate the income required to meet expenses in retirement.
Investments made in the accumulation stage should be growth-oriented.
Investment made at distribution stage is income-oriented primarily.
_____ is a general rise in prices of goods and services over a period of time.
_____ is the periodic rate of return on an investment after adjustment for inflation.
Real Rate =
____ are the plans in which only employer contribute and ____ are the plan in which both employee and employer contribute.
In which of the plans the benefit at the time of retirement are fixed and guranteed?
Which of the following is a Defined Benefit Plan?
Which of the following is a Defined Contribution Plan?
EDLS means:
Contribution of employer and employee to EPS:
Premium of EDLIS is paid by:
Gratuity is a ——- plan given by the employer to employee for rendering services continuously for —- years.
Which act regulates the Payment of Gratuity?
For government employees, gratuity benefits received is:
Payment of Gratuity Act 1972 does not apply any gratuity received by such employees is exempt from tax to the extent of the least of the following: a) Half month’s average salary for each completed year of service. b) Rs. 10,00,000 c) Actual Gratuity received
Payment of Gratuity Act 1972 applies any gratuity received by such employees is exempt from tax to the extent of the least of the following : A) no. PF service year*15 *daily salary last month B)Rs. 10,00,000 C)Actual Gratuity received
PRAN means:
_____ is the first point of interaction between the subscriber and the NPS.
_____ is the back-office for maintaining subscriber records, administration and customer service functions.
Eligibility for joining NPS:
In case of NPS the minimum amount per contribution is ____ and the minimum contribution in a year is ____ and maximum ____.
Contribution made by an assessee to their NPS account is allowed as deduction up to a limit of 10% of basic and DA or 10% of gross total income if self-employed, up to Rs. 1,50,000.
Additional deduction of ____ is allowed under ____ section for contribution to NPS apart from 80C deduction.
Exit from NPS before turning 60 years is possible through an option to withdraw ____ % of the accumulated savings and compulsorily buy an annuity with the remaining ____ %.
On retirement, a minimum of ____ of the corpus has to be used to buy a life annuity and the remaining can be taken as a lump sum.
Tax status of NPS:
Public Provident Fund is ____ year product.
Public Provident Fund has _____ tax status (Investment, Interest, Maturity) .
Investment in PPF is negligible for deduction under section 80c of Income Tax Act.
____ minimum and ____ maximum contribution limit to invest in PPF during a financial year.
____ number of maximum contribution in a financial year can be made up to a specified limit.
No interest is paid on the contribution made after the 5th day of the month.
Who are eligible to open the PPF Account?
From when is one eligible to make the withdrawal from PPF account and how many times during a year.
Eligible for loan from PPF:
PPF Account can be extended “n” number of block after maturity in each block of 5 years.
PPF account can be opened in joint name:
In an ____ the annuity payments begin immediately on purchasing the annuity, depending upon the frequency of payment chosen.
In a _____ the vesting age is some time away. In the deferment period, the corpus is built. The corpus is used to buy the annuity on the vesting age at the rates applicable at the time of buying the annuity.
____ are essentially debt instruments issued by the insurer. They are debt products that provide guaranteed payments to the investor, which makes them popular among risk averse investors.
____ are payments made depending upon the value of the underlying security/instrument.
Age limit for opening senior citizen saving account.
Age limit for opening senior citizen saving account in case of an individual retiring on superannuation or otherwise, or under VRS provided account opened within one month of date of receipt of retirement benefits.
Maturity term of SCSS is ____ a one-time extension for ____ year is allowed.
Maximum amount of investment in SCSS _____.
An investor can operate more than one account subject to a maximum amount of Rs. 15,00,000 in a total of all accounts.
Post office monthly income scheme has a maturity period of ____ years. The extension period will be ____.
Eligibility criteria of reverse mortgage loan:
(I) Indian citizen of 60 years or more
(II) Married couples will be eligible as joint borrowers for the joint assistance. In such cases, the age criteria for the couple would be at the discretion of the RML lender, subject to at least one of them being above 60 years of age and the other not below 55 years of age.
(III) Should be the owner of a residential property (house or flat) located in India, with a clear title indicating the prospective borrower’s ownership of the property.
(IV) The residential property should be free from any encumbrances.
(V) The residual life of the property should be at least 20 years. There is no minimum period of ownership of property required.
(VI) The prospective borrower(s) should use that residential property as a permanent primary residence.
A reverse mortgage loan cannot be availed against commercial property.
All receipts under RML shall be ____ from income tax.
The maximum tenure of an RML will be ____ years.
Inflation does which of the following to retirement planning?
The retirement corpus may require a review _____.
Which of the following is a solution to manage inadequacy of retirement corpus closer to retirement?
Employee Pension Scheme is run by the:
National Pension Scheme is regulated by:
An investor under the National Pension Scheme can choose which of the asset classes?
The maximum ceiling limit for exemption under section 10(10) in respect of gratuity for employees covered by the Payment of Gratuity Act, 1972 is ____.
The maximum ceiling limit for exemption under section 10(10C) with respect to compensation received on voluntary retirement is ____.
The HRA paid to an employee residing in Mumbai is exempt up to the lower of actual HRA, excess of rent paid over 10% of salary, and ____.
Rahul stays in New Delhi. His basic salary is Rs. 10000 p.m. D.A. (60% of which forms part of pay) is Rs. 6000 p.m. HRA is Rs. 5000 p.m. and he is entitled to a commission of 1% on the turnover achieved by him. Anirudh pays a rent of Rs. 36,5500 p.m. The turnover achieved by him during the current year is 12 lakhs. The amount of HRA exempt under section 10(13A) is ____.
Where there is a decision to increase the D.A. in March, 2020 with retrospective effect from 1.4.2018 and the increased D.A. is received in April, 2020 the increase is taxable _____.
Suresh is provided with a rent-free unfurnished accommodation which is owned by his employer AB Pvt. Ltd. in New Delhi. The value of perquisite in the hands of Rajesh is _____.
Anand is provided with furniture to the value of Rs. 90,000 along with house from February 2020. The actual hire charges paid by his employer for hire of furniture is Rs. 5,000 p.a. The value of furniture to be included along with the value of the unfurnished house for A.Y.2020-2021 is _____.
For the purpose of determining the perquisite value of the loan at the concessional rate given to the employee, the lending rate of State Bank of India as on _____ is required.
Employer’s contribution to a superannuation fund during the previous year 2019-20 is _____.
The entertainment allowance received by a Government employee is exempt up to the lower of the actual entertainment allowance received, 1/5th of basic salary and ______.
The maximum exemption under section 10(10AA) in case of leave encashment is ______.
For the purpose of calculation of average salary in case of exemption of leave encashment the average
salary drawn during the period of 10 months immediately preceding the ____ of retirement.
What is the annual leave entitlement specified in the Income Tax Act?
The amount of exemption for leave encashment in case of Government employee is _____.
Salary received in lieu of unavailed leave during service shall be ______.
Mr. Bansal was employed in M/s. ABC & amp; Associates. After completing 40 years and 7 months of service
he retired on 31 st October 2016. The particulars are as under:
(i) Salary at the time of retirement – Rs. 10,000 p.m.
(ii) Average monthly salary for 10 months ending on 31st October 2016 – Rs. 9,500 p.m.
(iii) Leave entitlement – 1 1/2 months for each completed year of service.
(iv) Leave encashment received for 20 months on basis of salary at the time of retirement – Rs. 2,50,000.
Mr. Kamal was employed in M/s ABC & Associate. He received Rs. 2,80,000 as earned leave
salary. He retired on 16 th February 2017 after rendering 24 years and 7 months of service. His
basic salary was Rs. 15,000 p.m. His dearness allowance was Rs. 10,000 p.m. (forms part of
retirement benefit) at the time of retirement. Leave entitlement – 1 1/2 months for each completed
year of service. Calculate the amount of taxable earned leave salary: (Assuming he has taken 400 leave)
Mr. Deepanshu has the following receipts from his employer:
(1) Basic pay Rs. 4,000 p.m.
(2) Dearness Allowance (D.A.) Rs. 600 p.m.
(3) Commission Rs. 6,000 p.a.
(4) House rent allowance Rs. 900 p.m.
Find out the amount of HRA eligible for an exemption to Mr. Raj Kumar assuming that he paid a rent of 1,500 p.m. for his accommodation at Kanpur. Calculate DA froms part of salary for retirement benefits.
Salary for the purpose of computation of Taxable HRA is:
The HRA paid to an employee residing in Jaipur is exempt up to the lower of actual HRA, excess of rent paid over 10% of salary and _____.
Shreevardhan stays in New Delhi. His basic salary is ` 10,000 p.m., D.A. (60% of which forms part of pay) is ` 6,000 p.m., HRA is 5,000 p.m. and he is entitled to a commission of 1% on the turnover achieved by him. Anirudh pays a rent of 5,500 p.m. The turnover achieved by him during the current year is ` 12 lakhs. The amount of HRA exempt under section 10(13A) is –
The HRA paid to an employee residing in Mumbai is exempt up to the lower of actual HRA, excess of rent paid over 10% of salary and –
Sushant, a resident of Meerut, covered under the payment act receives Rs. 38,000 per annum as basic salary, Rs. 12,000 per annum D.A. which forms part of retirement benefits. Turnover is Rs. 5 Lac (commission is 5%). He receives Rs. 7000 per annum HRA and pays Rs. 8000 per annum as house rent. Find out the Taxable HRA.
Mr. Sunil is a private sector employee. He received Rs. 12,00,000 as gratuity. He retired on 16th February 2017 after rendering 25 years and 7 months of service. His basic salary was Rs. 30,000 p.m. His dearness allowance was Rs. 15,000 p.m (40% forms part of retirement benefit) of from the last 12 months. He is not covered under the Payment of Gratuity Act, 1972. The amount of gratuity exempt will be ____.
Mr. Raj is a Central government employee. He received Rs. 25,00,000 as gratuity. He retired on 16th February 2017 after rendering 25 years and 7 months of service. His basic salary w.e.f. 01-10-2016 was Rs. 30,000 per month (prior to that Rs. 25,000 p.m.). His dearness allowance was Rs. 15,400 p.m. The amount of gratuity taxable will be ___.
Mr. Kalicharan is a private sector employee. He received Rs. 18,00,000 as gratuity. He retired on 16th February 2017 after rendering 25 years and 7 months of service. His basic salary was Rs. 30,000 p.m. His dearness allowance was Rs. 15,000 p.m. He is covered under the Payment of Gratuity Act, 1972. The amount of gratuity taxable will be _____.
Mr. Pran is a private sector employee. He received Rs. 15,00,000 as gratuity. He retired on 16th February 2017 after rendering 26 years and 7 months of service. His basic salary was Rs. 30,000 p.m. His dearness allowance was Rs. 20,000 p.m (40% forms part of retirement benefit) and 1% commission on 1 Cr turnover for 12 months. He is not covered under the Payment of Gratuity Act, 1972. The amount of gratuity taxable will be _____.
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