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Banking Awareness Quiz – Set 174

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Hello Aspirants,
Welcome to Banking Awareness Quiz in AffairsCloud.com. Here we are creating quiz covering important questions which are common for all the bank exams and other competitive exams.

  1. Which of the following is the largest shareholder in Public Sector Banks?
    A. LIC
    B. NABARD
    C. IBA
    D. GOI
    E. None of these
    D. GOI
    Explanation:
    Largest shareholder in Public Sector Banks – GOI

  2. If a depositor is a senior citizen, his total income is below the taxable limit, He/She can submit ________ to the bank requesting them not to deduct any TDS on their interest.
    A. Form 15G
    B. Form 15H
    C. Form 61
    D. Form 60
    E. None of these
    B. Form 15H
    Explanation:
    If a depositor is a senior citizen, his total income is below the taxable limit, He/She can submit Form 15H to the bank requesting them not to deduct any TDS on their interest.

  3. If a depositor is not a senior citizen, his total income is below the taxable limit, He/She can submit ________ to the bank requesting them not to deduct any TDS on their interest.
    A. Form 15G
    B. Form 15H
    C. Form 61
    D. Form 60
    E. None of these
    A. Form 15G
    Explanation:
    If a depositor is not a senior citizen, his total income is below the taxable limit, He/She can submit Form 15G to the bank requesting them not to deduct any TDS on their interest.

  4. TDS indirect tax collection by Indian authorities according to the ________
    A. The Finance Act, 2016.
    B. Income-tax Act, 1961
    C. Wealth Tax Act, 1957
    D. All of these
    E. None of these
    B. Income-tax Act, 1961
    Explanation:
    TDS indirect tax collection by Indian authorities according to the Income Tax Act 1961.

  5. A deductor is required to issue a TDS certificate called ______ for salaried employees.
    A. Form 15G
    B. Form 15H
    C. Form 16
    D. Form 16A
    E. None of these
    C. Form 16
    Explanation:
    A deductor is required to issue a TDS certificate called Form 16 for salaried employees.

  6. A deductor is required to issue a TDS certificate called ______ for non-salaried employees.
    A. Form 15G
    B. Form 15H
    C. Form 16
    D. Form 16A
    E. None of these
    D. Form 16A
    Explanation:
    A deductor is required to issue a TDS certificate called Form 16A for non-salaried employees.

  7. __________ is income tax collected by seller in India from payer on sale of certain items.
    A. TDS
    B. TCS
    C. Service Tax
    D. All of these
    E. None of these
    B. TCS
    Explanation:
    Tax Collected at Source (TCS) is income tax collected by seller in India from payer on sale of certain items

  8. Tax Collected at Source (TCS) provided in _________ of Income Tax Act 1961?
    A. Section 206C
    B. Section 106C
    C. Section 202C
    D. Section 102C
    E. None of these
    A. Section 206C
    Explanation:
    Tax Collected at Source (TCS) provided in Section 206C of Income Tax Act 1961

  9. Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.?
    A. The Finance Act, 2016.
    B. Income-tax Act, 1961
    C. Wealth Tax Act, 1957
    D. Both (A) and (B)
    E. Both (B) and (C)
    E. Both (B) and (C)
    Explanation:
    Direct Taxes in India were governed by two major legislations, Income Tax Act, 1961 and Wealth Tax Act, 1957.

  10. As of 2015, _______ is the major source of direct tax in India?
    A. Service Tax
    B. TDS
    C. TCS
    D. Income Tax
    E. None of these
    D. Income Tax
    Explanation:
    As of 2015, Income Tax is the major source of direct tax in India