Q. Under Section 80C, which of the following investments qualifies for deduction?
-
A.
Public Provident Fund (PPF)
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B.
Savings Bank Account Interest
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C.
Fixed Deposits
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D.
Cash in Hand
Solution
Public Provident Fund (PPF) is eligible for deduction under Section 80C.
Correct Answer:
A
— Public Provident Fund (PPF)
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Q. What is the GST rate applicable on the supply of most goods and services in India?
-
A.
5%
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B.
12%
-
C.
18%
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D.
28%
Solution
The standard GST rate applicable on most goods and services is 18%.
Correct Answer:
C
— 18%
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Q. What is the maximum deduction available under Section 80E for interest on education loans?
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A.
Rs. 50,000
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B.
Rs. 1,00,000
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C.
No limit
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D.
Rs. 25,000
Solution
There is no maximum limit for deduction under Section 80E for interest on education loans.
Correct Answer:
C
— No limit
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Q. What is the maximum limit for deduction under Section 80D for health insurance premiums for a family?
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A.
Rs. 25,000
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B.
Rs. 50,000
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C.
Rs. 1,00,000
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D.
Rs. 15,000
Solution
The maximum limit for deduction under Section 80D for health insurance premiums for a family is Rs. 50,000.
Correct Answer:
B
— Rs. 50,000
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Q. What is the residential status of an individual who has stayed in India for 182 days during the current financial year?
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A.
Resident
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B.
Non-resident
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C.
Not ordinarily resident
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D.
Ordinarily resident
Solution
An individual who has stayed in India for 182 days during the current financial year is classified as a Resident.
Correct Answer:
A
— Resident
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Q. Which of the following deductions is available under Section 80D?
-
A.
Premium paid for life insurance
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B.
Medical insurance premium
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C.
Contribution to PPF
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D.
Interest on education loan
Solution
Medical insurance premium is eligible for deduction under Section 80D.
Correct Answer:
B
— Medical insurance premium
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Q. Which of the following is a criterion for determining residential status in India?
-
A.
Duration of stay in India
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B.
Income level
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C.
Age of the taxpayer
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D.
Type of income
Solution
The duration of stay in India is a key criterion for determining residential status.
Correct Answer:
A
— Duration of stay in India
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