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Atal Pension Yojana
Answer the following questions regarding Atal Pension Yojana
1. The minimum age of the APY subscriber should be ......
a. 10 years
b. 14 years
c. 18 years
d. 21 years
2. The maximum age of the APY subscriber should be ......
a. 30 years
b. 35 years
c. 40 years
d. 45 years
3. Government co-contribute will be available to who join the scheme during the period from ...... to ...... and who are not covered by any Statutory Social Security Scheme and are not income tax payers
a. 01.06.2014, 31.03.2015
b. 01.06.2015, 31.03.2016
c. 01.06.2014, 31.03.2016
d. 01.06.2015, 31.03.2017
4. Government co-contribution will be ...... % of the total contribution subject to a maximum of Rs. ...... at the end of financial year
a. 25%, 1000
b. 50%, 1000
c. 25%, 5000
d. 50%, 5000
5. The contributions can be made at ...... intervals through autodebit facility from savings bank account/ post office savings bank account of the subscriber. (i) monthly, (ii) quarterly, (iii) half yearly
a. Only (i) and (ii)
b. Only (i) and (iii)
c. Only (ii) and (iii)
d. (i), (ii) and (iii)
6. What will happen if a subscriber becomes non-citizen of the country?
a. The APY account can continue
b. The APY account will be closed and only his own contribution and interest on it will be returned
c. The APY account will be closed and his own contribution and the Government co-contribution and interest on it will be returned
d. None of the above
7. An existing subscriber of APY can change the auto debit mode once in a year during the month of ......
a. January
b. April
c. July
d. October
Answers :
1-c, 2-c, 3-b, 4-b, 5-d, 6-c, 7-b
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Mr. Raj has bought :
2000 units of a stock at Rs. 20 on 1 Jan 2013,
2000 more units at Rs. 30 on 1 May 2013
2000 more units at Rs. 40 on 1 December 2013
and sold
5000 units at Rs. 50 on 30 December 2014,
Should he go ahead with Indexed Capital Gains Tax or Non Indexed Capital Gains Tax to save some Tax.
CII for 2012-13 = 852
CII for 2013-14 = 939
CII for 2014-15 = 1024
a. Indexed Capital Gains Tax
b. Non Indexed Capital Gains Tax
c. Both are same
d. None of the above
Ans - b
Solution :
Each purchase/sale transaction is matched on a First-In-First-Out basis.
All the units sold have been held for over one year, so long term capital gains tax applies.
So here, out of the 5000 units sold, we have three separate pieces to be considered.
The First 2000 are matched to the first 2000 bought, appropriately indexed, gains calculated and tax calculated.
Here you get two years of Indexation (2012-13 and 2014-15)
Indexed Purchase Price = 40,000 * (1024/852) = 48,075
Capital Gain = 100000 – 48075 = 51925
The non-indexed gain is Rs. (100000 - 40000) = Rs. 60000
Indexed Capital Gain: Rs. 51925
Non Indexed Capital Gain: Rs. 60000
The First 2000 are matched to the first 2000 bought, appropriately indexed, gains calculated and tax calculated.
Here you get two years of Indexation (2013-14 and 2014-15)
Indexed Purchase Price = 60,000 * (1024/939) = 65431
Capital Gain = 100000 – 65431 = 34569
The non-indexed gain is Rs. (100000 - 60000) = Rs. 40000
Indexed Capital Gain: Rs. 34569
Non Indexed Capital Gain: Rs. 40000
The next 1000 units are sold at Rs. 50 and bought at Rs. 40, appropriately indexed, gains calculated and tax calculated.
Here you get two years of Indexation (2013-14 and 2014-15)
Indexed Purchase Price = 40,000 * (1024/939) = 43620
Capital Gain = 50000 – 43620 = 6380
The non-indexed gain is Rs. (50000 - 40000) = Rs. 10000
Indexed Capital Gain: Rs. 6380
Non Indexed Capital Gain: Rs. 10000
So let’s add them all up.
Indexed
Total Capital Gain = 51925 + 34569 + 6380 = 92874
Capital Gains Tax Appl (%) = 20%
Capital Gains Tax = 18575
Non-Indexed
Total Capital Gain = 60000 + 40000 + 10000 = 110000
Capital Gains Tax Appl (%) = 10%
Capital Gains Tax = 11000
He should go ahead to choose the non-indexed option to save some tax of Rs. (18575 - 11000) = Rs. 7575/-.
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Mr. Naveen borrowed an amount of Rs. 50000 for 8 years @ 18% roi. What shall be monthly payment?
a. 986
b. 968
c. 896
d. 869
Ans – a
Explanation :
Here,
P = 50000
R = 18% = 18 % ÷ 12 = 0.015 monthly
T = 8 yrs = 96 months
EMI = P * R * [(1+R)^T/(1+R)^T-1)]
EMI = 50000 * 0.015 * 1.01596 ÷ (1.01596 – 1)
= 986
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A credit Card Bill is Rs. 27200, Amount is not paid on the due date. How much will be the interest charged for the next billing cycle of 30 days. if rate of interest 2.75% p.a.
a. 758.67
b. 745.89
c. 801.28
d. 768.37
Ans – b
Solution
Daily interest =27200*2.75%*12 month/36500
=24.8630
Interest payable for next installment Cycle=daily interest* no of days
=24.8630*30
= 745.89
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Mrs. A whose date of birth is 30th March 1956 has a total salary income of Rs. 9,78,000 for the previous year 2016-17. She has income from other sources of Rs. 18,142 from her savings bank account. Her only investments are contributions to Recognised Provident Fund account which are 12% of her basic salary of 40,000 per month.
1. What will be the total eligible deductions for AY 2017-18?
a. 10000
b. 57600
c. 62600
d. 67600
2. What will be her Taxable Salary for AY 2017-18?
a. 978000
b. 928542
c. 996142
d. 999542
3. What will be her tax liability for AY 2017-18?
a. 85708
b. 105708
c. 108880
d. 113708
Solution:
1 - d
Deductions eligible:
Interest up to Rs. 10,000 on savings bank (u/s 80TTA) = 10,000
Basic salary = 40,000
Recognised provident Fund contributions (cum. limit Rs. 1.5 lakh) = 57,600 (40000*12%*12)
Total deductions eligible = 67,600 (10000+57600)
2 - c
Income from Salary = 9,78,000
Interest from Savings bank account = 18,142
Total income = 9,96,142 (978000+18142)
Taxable Salary = 9,28,542 (996142-67600)
3 - c
Up to Rs. 3,00,000 : Nil (Senior citizen) = 0
Up to Rs. 5,00,000 : 10% in excess of Rs. 3 lakh = 20,000 ((500000-300000)*10%)
Up to Rs. 10,00,000 : 20% in excess of Rs. 5 lakh = 85,708 ((928542-500000)*20%)
Education Cess(es) = 3,172 ((25000+85708)*3%)
Total Tax = 1,08,880 (20000+85708+3172)
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Bharat Bill Payment System (BBPS)
BBPS is an integrated bill payment system which will offer interoperable bill payment service to customers online as well as through a network of agents on the ground. The system will provide multiple payment modes and instant confirmation of payment.
Answer the following questions regarding BBPS.
1. Who has been identified to act as Bharat Bill Payment Central Unit (BBPCU)?
a. RBI
b. SBI
c. NCPI
d. Govt of India
2. Banks and non-bank entities presently engaged in any of the above bill payment activities falling under the scope of BBPS and desirous of continuing the activity are ......
a. mandatorily required to apply for approval/authorisation to become BBPOUs
b. allowed to decide whether they want to become BBPOUs or not
c. Any one of the above
d. Neither of the above
3. Approval/authorisation to become BBPOUs should be applied to ......
a. RBI
b. SBI
c. NCPI
d. Govt of India
4. Net worth of the non-bank entities for seeking authorisation as BBPOUs should be atleast ......
a. Rs.10 crore
b. Rs.50 crore
c. Rs.100 crore
d. Rs.200 crore
5. Whether the non-bank entities will be required to show upfront that they are meeting the capital requirement for BBPOUs?
a. Yes
b. Not required
c. If an entity applying for authorisation for BBPOU does not have the required networth, then they are required to demonstrate unequivocal commitment/sources for raising the funds and also specify the time period within which the funds will be raised
d. If they don't show upfront that they are meeting the capital requirement for BBPOUs, their application will be rejected
Answers :
1-c, 2-a, 3-a, 4-c, 5-c
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