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PRADHAN MANTRI SURAKSHA BIMA YOJANA (PMSBY)
Answer the following questions regarding (PMSBY)
1. What is the minimum and maximum age to subscribe for (PMSBY)?
a. Min-18, Max-40
b. Min-18, Max-50
c. Min-18, Max-60
d. Min-18, Max-70
2. What is the premium payable?
a. Rs. 12/- per month
b. Rs. 12/- per annum
c. Rs. 330/- per month
d. Rs. 12/- per annum
3. What would be the sum assured under the scheme in case of Death?
a. Rs. 1 Lakh
b. Rs. 2 Lakhs
c. Rs. 3 Lakhs
d. Rs. 5 Lakhs
4. What would be the sum assured under the scheme in case of Total and irrecoverable loss of both eyes or loss of use of both hands or feet or loss of sight of one eye and loss of use of hand or foot?
a. Rs. 1 Lakh
b. Rs. 2 Lakhs
c. Rs. 3 Lakhs
d. Rs. 5 Lakhs
5. What would be the sum assured under the scheme in case of Total and irrecoverable loss of sight of one eye or loss of use of one hand or foot?
a. Rs. 1 Lakh
b. Rs. 2 Lakhs
c. Rs. 3 Lakhs
d. Rs. 5 Lakhs
6. Who offer/administer the scheme?
a. United India Insurance Company
b. LIC and other Life Insurance companies
c. Any Non-Life Insurance company
d. All of the above
7. Will this cover be in addition to cover under any other insurance scheme the subscriber may be covered under?
a. Yes
b. Yes, subject to conditions
c. No
d. None of the above
Answers
1-d, 2-b, 3-b, 4-b, 5-a, 6-a, 7-a
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Mr. X has given the following information (he does not own any residential house property)
Date of transfer = October 20, 2010
Date of purchase = August 25, 1982
Sale consideration = 50,00,000
Cost of acquisition = 3,00,000
Expenses on transfer = 75,000
To get the exemption under section 54F, a residential house property is purchased by X for 27,00,000 on December 10, 2010
This property is transferred on January 13, 2013 for 30,00,000. Find out the capital gain chargeable to tax in the hands of X for different assessment years.
[CII for 1981-82:100, 1982-83: 109 and for 2010-11: 711]
Solution:
Assessment year 2011-12
Sale consideration = 50,00,000
Less: Expenses on sale = 75,000
Less: Indexed cost of acquisition
= (3,00,000/109*711)
= 19,56,881
LTCG (before exemption)
= (50,00,000 - 75,000 - 19,56,881)
= 29,68,119
Less: Exemption under section 54F
= (29,68,119/49,25,000*27,00,000)
= 16,27,192
LTCG
= (29,68,119 - 16,27,192)
= 13,40,927
Assessment year 2013-14
STCG = (30,00,000 - 27,00,000) = 3,00,000
LTCG = 16,27,192
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ABC company just issued 50 Lakhs Rs. 100-par bonds payable carrying 8% coupon rate and maturing in 15 years. The bond indenture requires the company to set up a sinking up to pay off the bond at the maturity date. Semi-annual payments are to be made to the fund which is expected to earn 5% per annum. Find the amount of required periodic contributions.
a. 1,83,81,820
b. 1,81,83,820
c. 1,13,88,820
d. 1,08,83,820
Ans - c
Solution
The future value required to be accumulated equals 50 Crores (50,00,000 × 100)
Since the payments are semi-annual, the periodic interest rate = 5% ÷ 2 = 2.5%
Number of periods = 2 × 15 = 30
Periodic Contribution to Sinking Fund
PMT(FV) = ( FV / (((1+i)^n - 1) / i) )
PMT = Payment per Time Period
FV = Future Value
i = Interest Rate per Time Period
n = Number of Time Periods
= (50,00,00,000 / (((1+0.025)^30 - 1) / 0.025)
= (50,00,00,000 / ((2.097567579 - 1) / 0.025)
= (50,00,00,000 / (1.097567579 / 0.025)
= (50,00,00,000 / 43.90270316)
= 1,13,88,820
So, ABC company must deposit Rs. 1,13,88,820 at the end of each 6 months for 15 years in order to accumulate enough money to pay off the bonds when they are due.
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XYZ Publishers buy a machine for Rs 20000. The rate of depreciation is 10%. Find the depreciated value of the machine after 3 years. Also find the amount of depreciation. What is the average rate of depreciation?
a. 7.066
b. 8.033
c. 9.033
d. 10.066
Ans - c
Solution
Original value of machine = Rs 20000,
Rate of depreciation, i = 10%
Hence the book value after 3 years = 20000
= 20000 (0•9)^3
= 20000 (0•729)
= Rs. 14580
Amount of depreciation in 3 years = Rs 20000 - Rs 14580 = Rs 5420
Average rate of depreciation in 3 years
= (5420/20000) x (100/3) = 9•033%
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A company wants to set up a sinking fund for the repayment of a loan of Rs. 10 Crores at the end of four years. It makes equal deposits at the end of each month into a fund that earns interest at 12% per year compounded monthly. Determine the size of each deposit. Also construct a sinking fund schedule (the first three months only).
a. 15,33,383
b. 15,88,383
c. 16,33,383
d. 16,88,383
Ans - c
Solution :
Loan is 10 Crores to be repaid at the end of 4 years. Monthly deposits are made.
Interest rate is 12% per year compounded monthly. This is a Payment for a Future Value type problem.
PAYMENT FOR A FUTURE VALUE EQUATION
PMT(FV) = ( FV / (((1+i)^n - 1) / i) )
PMT = Payment per Time Period
FV = Future Value
i = Interest Rate per Time Period
n = Number of Time Periods
FV = Rs. 10,00,00,000
i = 0.12 / 12 = 0.01
n = 12*4 = 48
Intermediate calculations would be:
(1.01)^48 - 1 = 1.612226078 - 1 = 0.612226078
So,
PMT = 10,00,00,000 / (0.612226078/.01) which would become:
PMT = Rs. 16,33,383
Also, sinking fund schedule for the first three months are :
End of month 1 = Rs. 16,33,383.54
End of month 2 = Rs. 16,33,383.54 * (1+i) = 16,49,717.378 + p = 32,83,100.92
End of month 3 = Rs. 32,83,100.92 * (1+i) = 33,15,931.929 + p = 49,49,315.47
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You had purchased a license to engage in the transportation services for which you paid 5000.
Moreover, you paid 30000 for the purchased car.
You hope to replace a car with a new one every three years, hoping to allocate 30000 for a new car.
In addition, you can sell the car for 10000.
Determine the costs of this business, if the interest rate is 12%.
a. 34892
b. 48932
c. 84392
d. 94832
Ans - c
Solution :
We have that the initial business costs are 35000,
the replacement costs are R = 30000 - 10000 = 20000,
In addition,
i = 0.12
c = 3
p = 1.12^3 - 1 = 1.404928 - 1 = 0.404928, Then
K = 35000 + (20000/0.404928)
= 84392
Thus, the capitalized general business costs will be 84392
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An investor purchased 2,000 shares of a listed company at Rs. 125 per share on 28.08.2015. The Company declared a dividend of Rs. 8 per share, the record date was 26.11.2015. He sold 900 shares on 12.04.2016 at a price of Rs. 115 per share and the balance on 27.06.2016 at a price of Rs. 135 per share.
1. Whether he had gained profit or suffered loss in the sale on 12.04.2016?
a. Gained profit
b. Suffered loss
c. No Profit No Loss
d. Can't determine
2. How much is the dividend received?
a. Rs. 7,200
b. Rs. 8,800
c. Rs. 12,800
d. Rs. 16,000
3. How much is the profit or loss on sale on 12.04.2016?
a. Loss of Rs. 3,600
b. Loss of Rs. 9,000
c. Profit of Rs. 3,600
d. Profit of Rs. 9,000
4. Whether he had gained profit or suffered loss in the sale on 12.04.2016?
a. Gained profit
b. Suffered loss
c. No Profit No Loss
d. Can't determine
5. How much is the profit or loss on sale on 27.06.2016?
a. Loss of Rs. 11,000
b. Loss of Rs. 19,800
c. Profit of Rs. 11,000
d. Profit of Rs. 19,800
6. What is the Taxable short term capital gains for AY 2017-18?
a. Rs. 2,000
b. Rs. 4,000
c. Rs. 9,000
d. Rs. 11,000
Solution :
1 - b
Price at which bought = Rs. 125
Sales consideration per share = Rs. 115
So, (115-125 = -10) Loss
2 - d
Declared dividend = Rs. 8 per share
Dividend received on 2000 shares = Rs. 16,000 (2000*8)
3 - b
Price at which bought = Rs. 125
Sales consideration per share = Rs. 115
So, (115-125 = -10) Loss
Number of shares sold = 900
Loss on sale: Short term = Rs. 9,000 {900*(115-125)}
4 - a
Price at which bought = Rs. 125
Sales consideration per share = Rs. 135
So, (135-125 = 10) Profit
5 - c
Price at which bought = Rs. 125
Sales consideration per share = Rs. 135
Gain on sale : Short term = Rs. 11,000 {1100*(135-125)}
6 - a
Loss on sale on 12.04.2016 = Rs. 9,000
Gain on sale on 27.06.2016 = Rs. 11,000
Taxable short term capital gains = Rs. 2,000 (11000-9000)
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Bharat Interface for Money (BHIM)
BHIM is a UPI based payment interface which allows real time fund transfer using a single identity like your mobile number or name.
Answer the following questions regarding BHIM.
1. Which one is not correct reagarding money sent to a wrong user?
a. Matter can be referred to NCPI
b. A successful transaction cannot be reversed
c. You have to try and raise a collect request and hope that the user will return the same
d. There is no guarantee that your amount will be reversed
2. What is correct in respect of BHIM? (i) You can't use BHIM outside India, (ii) You can use BHIM outside India to send and collect money for your local accounts, (iii) NRI/NRE accounts cannot be used for the same.
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
3. What are the methods available on BHIM for sending Money? (i) VPA/Mobile No (Registered on UPI), (ii) Aadhaar Number (Should be linked to a bank account), (iii) Account Number and IFS code
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
4. What are the charges to use BHIM?
a. Depends upon the transaction limit
b. Depends on the Bank
c. Depends on the App
d. NPCI does not charge any user for transacting on BHIM
5. Which is not correct regarding sending money using BHIM?
a. Maximum of Rs. 20,000 per transaction
b. Maximum of Rs. 40,000 per day
c. Limit is available per app from a mobile
d. Limit is available per bank account linked on BHIM
6. Which is correct regarding collect request using BHIM?
a. Maximum of Rs. 10,000 per transaction
b. Maximum of Rs. 20,000 per transaction
c. Maximum of Rs. 10,000 per day
d. Maximum of Rs. 20,000 per day
7. A failed transaction amount should normally be reversed to you in ......
a. T+1 days
b. T+2 days
c. T+3 days
d. T+4 days
Answers :
1-a, 2-c, 3-d, 4-d, 5-c, 6-a, 7-c
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