IBPS PO General Awareness: Taxation and Regulatory Compliance questions with solutions

Q1. GST revenue collection crossed ₹1.5 lakh crore for the first time in

1. March 2022
2. April 2022
3. May 2022
4. January 2022

Answer: April 2022

India's GST collection crossed ₹1.5 lakh crore for the first time in April 2022. This was widely reported as a record monthly collection at that time.

Q2. In the latest Union Budget, what is the amount of the standard deduction allowed for salaried individuals?

1. ₹75,000
2. ₹60,000
3. ₹50,000
4. ₹80,000

Answer: ₹75,000

The latest Union Budget increased the standard deduction for salaried individuals to ₹75,000. This is the amount allowed as a flat deduction from salary income under the revised tax regime provisions.

Q3. Passage: The discussion is about tax deduction for a non-resident Indian entity. What is the central theme of the passage?

1. Tax deduction for non-resident Indian entities
2. Domestic investment policies
3. Foreign exchange regulations
4. Banking sector reforms

Answer: Tax deduction for non-resident Indian entities

The passage directly states that the discussion is about tax deduction for a non-resident Indian entity. Therefore, the central theme is exactly that topic.

Q4. In respect of infrastructure bonds issued under the provisions of Section 80CCF of the Income Tax Act, what is the maximum amount, in thousands, up to which these bonds can be covered?

1. 30
2. 20
3. 40
4. 50

Answer: 20

Section 80CCF allowed a deduction for investment in infrastructure bonds up to a maximum of ₹20,000. Therefore, the correct option is 20.

Q5. Under the Benami Transactions Informants Reward Scheme, 2018, what is the maximum reward an informant can receive?

1. ₹50 lakh
2. ₹75 lakh
3. ₹90 lakh
4. ₹1 crore

Answer: ₹50 lakh

Under the Benami Transactions Informants Reward Scheme, 2018, the maximum reward payable to an informant is capped at ₹50 lakh. This is the highest amount allowed under the scheme.

Q6. What is the threshold limit for TDS on PF withdrawals?

1. ₹20,000
2. ₹30,000
3. ₹40,000
4. ₹50,000

Answer: ₹50,000

For premature withdrawal from a provident fund, TDS is applicable only if the withdrawal amount exceeds the prescribed threshold. Among the given options, the threshold limit is ₹50,000. Hence, that is the correct answer.