General Awareness · Banking Financial Awareness

Regulatory Thresholds and Caps in India

860 Questions

Regulatory Thresholds and Caps in India refer to the statutory limits imposed on finance, taxation, and corporate governance. It covers sectoral caps, expenditure limits, and penalty thresholds defined by law. These questions are crucial for banking, accounting, and civil services exams.

Financial limitsTax deductionsCorporate regulationsElectoral thresholdsPenalties and fines

Regulatory Thresholds and Caps in India Questions

Multiple choice commercial studies industrial relations, trade unions and social security concept, scope and social security in india concept of social security insurance - introduction and importance

As per the Employees Provident Funds and Miscellaneous Provisions Act, $1952$, the employer has to deposit PF amounts by the _______________.

  1. First week of the following month

  2. Last week of the following month

  3. Middle of the following month

  4. Last day of the following month
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

According to the employees provident funds and miscellaneous provisions act, 1952 the employees have to contribute a total of minimum twelve percent of their salary with dearness allowance to the funds established under the schemes prescribed by the central government. The contribution to the provident fund is deposited by the middle of the next month from the date when the salary got due. 

Multiple choice income tax direct taxes commerce black money and tax evasion meaning of tax

The maximum amount of deduction under section 80D in the case of a senior citizen is _____.

  1. 20,000

  2. 25,000

  3. 50,000

  4. 75,000
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Deduction under section 80D is available to an individual or a HUF. A deduction of Rs. 25,000 can be claimed for insurance of self, spouse and dependent children. An additional deduction for insurance of parents is available to the extent of Rs 25,000 if they are less than 60 years of age or Rs 50,000 (has been increased in Budget 2018 from Rs 30,000) if parents are more than 60 years old. In case, a taxpayers age and parents age is 60 years or above, the maximum deduction available under this section is to the extent of Rs. 100,000. Example: Rohan’s age is 65 and his father’s age is 90. In this case, the maximum deduction Rohan can claim under section 80D is Rs. 100,000. From FY 2015-16 a cumulative additional deduction of Rs. 5,000 is allowed for the preventive health check up to individuals. 

Multiple choice income tax direct taxes commerce black money and tax evasion meaning of tax

Maximum deduction available as deduction of interest payable on loan taken by an individual from any financial institution for the purpose of acquisition of a residential house property is _____.

  1. 25,000

  2. 40,000

  3. 50,000

  4. 100,000
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Section 80EE allows tax benefits for first time home buyers. Income tax deduction can be claimed on home loan interest towards your first house property. The deduction allowed under this section is for interest paid on home loan up to maximum Rs 50,000 per financial year. 

Multiple choice civics women empowerment womens economic empowerment dynamic of human development social development

The start-up scheme provides loans to entrepreneurs of the Scheduled Caste and Scheduled Tribes as well as women. Such loan range from ________.

  1. Rs 1 lakh to Rs 10 lakh

  2. Rs 10 lakh to Rs 1 Crore

  3. Rs 10 lakh to Rs 50 lakh

  4. Rs 10 lakh to Rs 1.5 Crore
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Stand-Up India scheme facilitates bank loans between Rs 10 lakh and Rs 1 Crore to at least one Scheduled Caste or Scheduled Tribe borrower and at least one woman borrower per bank branch for setting up a greenfield enterprise.

Multiple choice organisation of commerce and management government organisation statutory/public corporations meaning and features of public corporation statutory corporations

The maximum Statutory Liquidity Ratio to be maintained by banks is_______________:

  1. 25%

  2. 30%

  3. 35%

  4. 40%
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The Statutory Liquidity Ratio (SLR) is the minimum percentage of deposits that a commercial bank must maintain in the form of liquid cash, gold, or other securities. The RBI has the authority to set this, and the statutory limit is 40 percent.

Multiple choice elements of accounts ancient indian accounting meaning of accounting introduction to book-keeping and accounting book-keeping - ledger

What is the threshold limit of turnover in the preceding financial year for opting to pay tax under composition scheme?

  1. Rs.20 lacs

  2. Rs.10 lacs

  3. Rs.50 lacs

  4. None of the above
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Under the GST composition scheme, the threshold limit for turnover in the preceding financial year was historically set at Rs. 50 lacs for certain categories, though it has been revised over time. Given the options, 50 lacs is the standard reference point for this specific question context.

Multiple choice business studies insurance - introduction and importance concept, scope and social security in india concept of social security industrial relations, trade unions and social security

Which of the following is/are true about the NPS?

  1. The NPS account can be unfrozen by paying the minimum required amount and a penalty of Rs 100.

  2. Minimum contribution required is of Rs 6,000 in the Tier-I account.

  3. Government will not contribute to the NPS account.

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation
National Pension System (NPS) is a government-sponsored pension scheme. It was launched in January 2004. National Pension Scheme provides old age income with reasonable market based returns. NPS was initially launched only for government employees. Following statements are true about the NPS:
a) The NPS account can be unfrozen by paying the minimum required amount and a penalty of Rs 100.
b) Minimum contribution required is of Rs 6,000 in the Tier-I account.
c) Government will not contribute to the NPS account.
Multiple choice book keeping and accountancy accounting for bills of exchange meaning, definition and characteristics of promissory note promissory note bills of exchange and promissory note nature, advantages and types of cheques

X execute a promissory note like I promise to pay B $Rs. 1000$ (Rupees one hundred) payable after three months. This promissory note is ________.

  1. invalid
  2. valid for $Rs. 100$
  3. valid for $Rs. 1000$

  4. valid for the amount decided by the payee
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

When there is a discrepancy between the amount in words and the amount in figures, the amount in words prevails. Therefore, the note is valid for 100.

Multiple choice book keeping and accountancy accounting for bills of exchange meaning, definition and characteristics of promissory note promissory note bills of exchange and promissory note nature, advantages and types of cheques

A promissory note read like I promise to pay B $RS. 1000$ three months after marriage of C. This promissory note is invalid due to.

  1. Uncertainty of time of payment

  2. Amount being not significant

  3. Insufficiency of time

  4. All the three
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A promissory note must be payable at a time that is certain to happen. Marriage is a contingent event, making the time of payment uncertain.

Multiple choice maths banking and taxation types of accounts banks introduction, recurring deposit accounts and calculation of interest on a fixed deposit account

The minimum amount required to open a savings bank account is ____

  1. Rs. $500$
  2. Rs. $1000$
  3. Rs. $2000$
  4. Rs. $3000$
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

In India, where most people are able to save lesser amount of money every month, none of them wants to get penalised for not maintaining a defined amount of minimum balance in his/her account by their respective banks. 

People prefer to have low or no restrictions on them, be it financial or any other. 
Most banks ask account holders to retain a certain amount of money in their account. 
If people fail to maintain this minimum balance, some fine is imposed on them and the bank deducts that amount from their account.
The minimum amount required to open a savings bank account is Rs. $500$

Multiple choice economics international economics indian economy during reforms liberalization, privatisation and globalisation: an appraisal structural changes in indian economy after liberalization

FDI in private sector banking sector is allowed up to _______,

  1. 26%

  2. 49%

  3. 74%

  4. 100%
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

FDI stands for Foreign Direct Investment. FDI refers to the investment made by an individual or firm from one country into business interests of different country. FDI in private sector banking sector is allowed up to 74% in India.

Multiple choice organization of commerce and management ownership structures - cooperative society features, merits and demerits, formation and management of a cooperative society meaning and features of cooperative society cooperative organisation

Which of the following sentence in relation to "Cooperative Societies" are correct?
(1) There should be minimum of 20 members to for cooperative society but there is no maximum limit for the membership.
(2) According to Indian Cooperative Societies Act,1912,each society must transfer at least one-third of its profits to general reserve.
(3) Cooperative Societies may distribute maximum up to 90 per cent of its surplus as dividend to its members and can spent another 10 per cent for the welfare of the members.

  1. (1) only

  2. (1) & (2) only

  3. (3) only

  4. (2) & (3) only
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Statement (1) is incorrect because the minimum number of members for a cooperative society is 10, not 20. Statement (2) is incorrect as the Act does not mandate a one-third transfer to general reserve. Statement (3) is a standard guideline for surplus distribution in many cooperative models, making it the only correct statement.