NISM Series XX: Taxation in Securities Markets Cert. Mock Test - Free Demo

Explanation:

Explanation:

Goods and Services Tax (GST) is a comprehensive indirect tax levied at the national level, applicable to the supply of goods and services across India.

Explanation:

Advance tax is typically paid in four installments during the financial year as per the prescribed due dates. This helps taxpayers to distribute their tax liability evenly across the year.

Explanation:

The eligibility criteria for registration as a Foreign Portfolio Investor (FPI) include various requirements such as the applicant not being an Indian resident, being a resident of a country whose security market regulator is a signatory to IOSCO (International Organization of Securities Commissions), and any other criteria specified by SEBI (Securities and Exchange Board of India) from time to time.

Explanation:

SEBI is the primary regulator for securities markets in India, responsible for overseeing and regulating stock exchanges, intermediaries, and various participants to ensure fair and orderly functioning of the markets.

Explanation:

Dividend income, interest income, and interest on income-tax refunds are typically not taxable as per the method of accounting. These incomes may be taxable or exempt based on specific provisions of the tax laws, but the method of accounting itself does not determine their taxability.

Explanation:

Section 10(10D) of the Income Tax Act provides for exemption concerning any sum received under ULIP, including the sum allocated by way of bonus. This section outlines the tax exemption on the maturity proceeds of Unit Linked Insurance Plans (ULIPs), including any bonuses received therein.

Explanation:

Category-II FPIs encompass a wide range of entities including charitable organizations, family offices, endowments, and foundations, among others. These entities are classified as Category-II FPIs under the regulations issued by SEBI (Securities and Exchange Board of India).

Explanation:

The determination of whether a supply of service is inter-state or intra-state involves considering both the location of the supplier of the service and the place of supply of the service. These factors help in determining the applicable tax jurisdiction and the appropriate taxation under the Goods and Services Tax (GST) regime in India.

Explanation:

When calculating the book value of liabilities for unquoted shares, items such as paid-up capital of equity shares, reserves, and surplus, and provisions for unascertained liabilities are typically included.