The maximum deduction available under Section 80C for investments in specified financial instruments is Rs. 1,50,000.

The maximum deduction available under Section 80C is Rs. 1,50,000.

The maximum deduction available under Section 80D for health insurance premium for a family including parents is Rs. 50,000.

The maximum deduction available under Section 80D for health insurance premiums for a family including parents is 50,000.

There is no maximum limit for deduction under Section 80E for interest on education loans.

The maximum limit for claiming deduction under Section 80D for health insurance premium for a family including parents is ₹50,000.

There is no maximum limit for claiming deduction under Section 80E for interest on education loans.

The maximum limit for claiming deductions under Section 80C is ₹1,50,000.

The maximum limit for claiming standard deduction for salaried individuals is Rs. 50,000.

The maximum limit for deduction under Section 80D for health insurance for a family including parents is ₹50,000.

The maximum limit for deduction under Section 80D for health insurance premiums for a family is Rs. 50,000.

The maximum limit of deduction under Section 80C for the financial year 2022-23 is Rs. 1.5 lakh.

The maximum limit of deduction under Section 80D for health insurance for a family including parents is Rs. 1,00,000.

The maximum limit of deduction under Section 80D for health insurance for a senior citizen is Rs. 50,000.

The maximum limit of deduction under Section 80D for health insurance premium for senior citizens is Rs. 50,000.

There is no maximum limit for deduction under Section 80E for interest on education loans.

The maximum penalty for failure to furnish GST returns is Rs. 25,000.

The maximum penalty for late filing of income tax returns under Section 234F is Rs. 10,000.

The normal balance of an expense account is a debit, which increases the expense when recorded.

The penalty for late filing of income tax returns can be up to Rs. 10,000 depending on the delay.

The penalty for late filing of income tax returns under Section 234F can be up to Rs. 10,000.

The penalty for late filing of income tax returns can be up to Rs. 10,000.

IFRS 3 is the primary accounting standard that deals with business combinations, including amalgamation.

AS 26 (Accounting for Intangible Assets) is relevant for partnerships, especially regarding goodwill.

IFRS 3 (International Financial Reporting Standard 3) governs business combinations, including amalgamation, and outlines how to account for such transactions.

GAAP (Generally Accepted Accounting Principles) is the primary accounting standard that governs partnership accounting.

GAAP (Generally Accepted Accounting Principles) is the primary accounting standard in the U.S.

A sole proprietorship is easy to form as it requires minimal legal formalities.

The declining balance method allows for higher depreciation expenses in the early years, providing tax benefits.

The primary advantage of using FIFO during periods of inflation is that it results in higher net income due to lower cost of goods sold.