Inquizitive Minds Quiz

Which type of bank account cannot be used to make immediate payments?

• Current account

• Savings account

• Fixed deposit

• Post office account

What happens when money is released by the RBI into the economy?

• It stays in the banks and earns interest.

• It is kept by the recipients and never goes back into bank accounts.

• It is immediately withdrawn by depositors

• It goes into circulation through transactions.

Which of the following taxes come under Direct Tax in India?

• Value-added tax

• Excise duty

• Corporate tax

• Service tax

What is the maximum deduction available under Section 80D for medical insurance premium?

• Rs. 25,000

• Rs. 50,000

• Rs. 75,000

• Rs. 1,00,000

How long can one carry forward capital losses?

• 5 Years

• 8 years

• 10 Years

• 12 Years

Who can claim a deduction under Section 80RRB?

• Indian residents who are individual patentees

• Indian residents who are senior citizens

• Indian companies

• Both A and B are correct

Who is eligible to claim a deduction under Section 80GGC?

• Only Indian companies

• Only artificial juridical persons

• Only local authorities

• Individual taxpayers

What is the use of ITR receipt?

• To provide proof of address for the taxpayer

• To carry forward capital losses

• To provide detailed proof of income and taxation amount

• It is of no use

What is Income Tax in India?

• A tax levied on individual and HUF earnings

• A tax levied on agricultural income

• A tax levied on goods and services

• A tax levied on corporate entities

What is the cash reserve ratio (CRR)?

• The amount of money a bank can lend.

• The amount of money a borrower has to pay back to the bank.

• The interest rate on loans given by the RBI

• The amount of money a bank has to deposit with the RBI.