Filing Returns Overview - Problem Set for Competitive Exams

Filing Returns Overview - Problem Set

Q. Under Section 80C, which of the following investments qualifies for deduction?

Solution

Public Provident Fund (PPF) is eligible for deduction under Section 80C.

Correct Answer: A — Public Provident Fund (PPF)

Q. What is the GST rate applicable on the supply of most goods and services in India?

Solution

The standard GST rate applicable on most goods and services is 18%.

Correct Answer: C — 18%

Q. What is the maximum deduction available under Section 80E for interest on education loans?

Solution

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

Correct Answer: C — No limit

Q. What is the maximum limit for deduction under Section 80D for health insurance premiums for a family?

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

Q. What is the residential status of an individual who has stayed in India for 182 days during the current financial year?

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

Q. Which of the following deductions is available under Section 80D?

Solution

Medical insurance premium is eligible for deduction under Section 80D.

Correct Answer: B — Medical insurance premium

Q. Which of the following is a criterion for determining residential status in India?

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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