Indian Taxation
What is the maximum exemption limit on long-term capital gains made from the sale of listed shares or units of equity-oriented mutual funds?
What's the term used to categorize a tax credit that can be utilized to lower tax liability to zero but doesn't provide a refund for any excess amount?
Nonrefundable Tax Credits
What abbreviation refers to the market in which new securities are bought and sold before they are officially issued on a stock exchange?
IPO
Which form is used to declare itemized deductions, such as medical expenses, property taxes, and mortgage interest, for federal income tax purposes?
Schedule A
Which year was H&R Block founded?
1955
What is the primary governmental body responsible for administering and enforcing income tax laws in India?
CBDT - Central Board of Direct Taxation or Income Tax Department
What is the tax levied on the profits generated from the sale of assets held for over a year?
LTCG - Long Term Capital Gains Tax
Who is the distinguished Indian lady serving as the Chief Economist of the International Monetary Fund (IMF)?
Gita Gopinath
What significant tax reform legislation, abbreviated as TCJA, was enacted in the year 2017, aiming to make substantial changes to the United States tax code, impacting both individual and corporate tax regulations?
Tax Cuts and Jobs Act 2017
Where is the H&R Block's headquarters located?
Kansas City, Missouri, U.S.
Which section of the Income Tax Act provides for the exemption on HRA (House Rent Allowance) received by an employee?
Section 10
Which specific income figure serves as the starting point for determining eligibility for various tax deductions and credits?
AGI - Adjusted Gross Income
What type of digital currency relies on decentralized, distributed ledger technology known as blockchain to record and verify transactionsr?
Cryptocurrency
What specific threshold, calculated as a percentage of the Adjusted Gross Income (AGI), is used to determine the deductible portion of medical expenses for itemized deductions?
7.5%
Which service of H&R Block offer financial solutions like providing financial expertise in taxes, bookkeeping, and payroll to small businesses?
Block Advisors
What is the due date for individuals to file their income tax returns in India for the financial year 2022-2023, if they are not required to get their accounts audited
31st July
Which tax credit provides financial support for qualified educational expenses and is restricted to a limited number of years per student
AOTC - American Opportunity Tax Credit
What prominent financial institution's collapse in 2008 is often considered a significant event that triggered a global financial crisis
Lehman Brothers
What is the maximum deduction one can avail for student loan interest for 2023?
$2,500
Name the fintech product developed by the H&R Block, powered by the MetaBank which provides various banking services.
Spruce
What is the minimum holding period, as per the Income Tax Act, 1961, that categorizes an immovable property as a long-term capital asset subject to Long-Term Capital Gains (LTCG) tax rules?
24 Months
What's the name of the amount that can be subtracted from your total income to reduce taxable income, with a fixed value determined by the IRS?
Standard Deduction
What phenomenon in finance involves the rapid and substantial increase in the price of a stock, typically driven by enthusiasm, rather than fundamentals?
Speculation/ Speculative Bubble
What are the two distinct rates, that apply to the Alternative Minimum Tax (AMT)?
26% & 28%
In 2014 H&R Block sold its banking arm to which company?
Bofl holding