S.Y B.COM
SEMESTER - IV
MID SEMESTER EXAMINATION
INCOME TAX RETURN PREPARATION
(ITRP)
(MCQS)
DEDUCTION FROM GROSS TOTAL INCOME
(1) Deduction u/s 80 C in respect of LIP, Contribution to provident fund, etc. is allowed to:
(A) An individual
(B) An individual of HUF who is resident in India
(C) Any assessee
(D) An Individual or HUF
(2) Deduction u/s 80-C is allowed to the maximum of
(A) Rs.1,00,000
(B) Rs.1,50,000
(C) Rs. 50,000
(D) None of the above
(3) For claiming deduction u/s 80-C in respect of life insurance premium, it can be paid by assesses for
(A) Himself spouse and any child
(B) Himself or spouse
(C) Himself only
(D) None of the above
(4) In the case of HUF, deduction u/s 80C in respect of life insurance premium shall be allowed for:
(A) Karta and Coparce ner of the HUF
(B) Karta of HUF
(C) Any members of HUF
(D) None of the above
(5) An assesses has paid life insurance premium of Rs.25,000 during the previous year 2015-16 a policy of Rs.1,00,000 he shall :
(A) Not be allowed deduction u/s 80 C
(B) Be allowed deduction u/s 80 C to the extent of 20% of the capital sum assured
(C) None of the above
(6) For claiming deduction u/s 80 C, the payment or deposit should be made:
(A) Out of any income chargeable to income tax
(B) Out of any income
(C) During the current year out of any sources
(D) None of the above
(7) Annual interest accrued on NSCs VIll issue shall be
(A) Taxable only in VIll th year
(B) Exempt
(C)Taxable on the basis of annual accrual
(D) None of the above
(8) Deduction u/s 80-C for tuition fee shall be allowed for the purpose of:
(A) Any full or part time education
(B) Any full time education in a school or college
(C) Any part time education in a college abroad
(D) None of the above
(9) Deduction u/s 80 C in respect of tuition fee is allowed to an individual for
(A) Any of his minor children
(B) Any of his child
(C) Any two children of such individual
(D) None of the above
(10) Deduction u/s 80 C in respect of term deposit with a scheduled bank is allowed if the term deposit is for a period.
(A) Not less than 2 years
(B) Not less than 3 years
(C) Not less than 5 years
(D) None of the above
(11) Deduction under section 80 CCC is allowed to the extent of :
(A) Rs.2,50,000
(B) Rs.1,00,000
(C) Rs.1,50,000
(D) Rs.2,00,000
(12) Deduction in respect of contribution for annuity plan to certain pension fund under 80 CCC is allowed to
(A) Individual or HUF
(B) Individual only
(C) Any assesses
(D) None of the above
(13) Deduction u/s 80 D in respect of medical insurance premium is allowed to
(A) An individual or HUF
(B) Individual only
(C) Any assesses
(D) None of the above
COMPUTATION OF TOTAL INCOME
(14) For claiming deduction u/s 80C the payment or deposit should be made
(A) Out of any income
(B) Out of current years income chargeable to tax
(C) Out of income chargeable to tax
(D) Out of exempt income
(15) Deduction u/s 80 C in respect of LIP, Contribution to provident fund, etc. is allowed to :
(A) Any assesses
(B) An individual & / or HUF
(C) An individual
(D) An individual or HUF who is resident in India
(16) Deduction u/s 80 C is allowed to the maximum limit of
(A) Rs.70,000
(B) Rs.30,000
(C) Rs.1,50,000
(D) None of the above
(17) An assesses has paid life insurance premium of Rs.1,25,000 during the previous year for a policy of Rs.5,00,000. He shall:
(A) Not be allowed deduction u/s 80C
(B) Be allowed Deduction u/s 80C to the extent of 20% of the capital sum assured i.e. Rs.1,00,000
(C) Be allowed Deduction for the entire premium as per the provisions of section 80 C
(D) None of the above
(18) For claiming deduction u/s 80 C in respect of life insurance premium, it can be paid by assesses for
(A) Self only
(B) Self, spouse & any child
(C) Self, spouse, brothers & sisters
(D) None of the above
(19) Deduction u/s 80 C in respect of term deposit with a scheduled bank is allowed if the term deposit is for a period.
(A) Not less than 3 years
(B) Not less than 5 years
(C) Not less than 10 years
(D) None of the above
(20) Deduction u/s 80 C in respect of tution fee is allowed to an individual for
(A) Any of his children
(B) Any of his minor children
(C) Any two children of such individual
(D) None of the above
(21) Deduction u/s 80 C in respect of tution fee is allowed to
(A) An individual only
(B) An HUF only
(C) Individual or HUF
(D) None of the above
(22) For claiming Deduction u/s 80 D, the payment or deposit should be made
(A) Out of past income
(B) Out of any income chargeable to income tax
(C) None of the above
(23) Deduction u/s 80D in respect of medical insurance premium is allowed to
(A) Any assesses
(B) An individual & /or HUF
(C) Individual only
(D) None of the above
(24) Deduction u/s 80 DD shall be allowed
(A) To the extent of actual expenditure/deposit or Rs.1,50,000 whichever is less
(B) For a sum of Rs.75,000 irrespective of actual expenditure or deposit
(C) For a sum of Rs.1,50,000 irrespective of any expenditure incurred deposited
(D) None of the above
(25) Deduction u/s 80 DD in case of dependent with serve disability shall be allowed
(A) To the extent of actual expenditure
(B) Rs. 1,00,000 irrespective of actual expenditure
(C) Rs. 75,000
(D) None of the above
(26) The payment for insurance premium under section 80D should be
(A) In cash
(B) By any mode other than cash
(C) None of the above
(27) The quantum of deduction allowed under section 80D shall be limited to
(A) Rs.20,000
(B) Rs.25,000
(C) Rs.10,000
(D) None of the above
(28) Deduction u/s 80 D is allowed to an individual for premium paid to insure the health of
(A) Assesses & his family
(B) Assesses himself
(C) Assesses, his spouse, parents & dependent children
(D) None of the above
(29) Deduction under section 80CCC is allowed to the extent of
(A) Rs. 10,000
(B) Rs. 4,00,000
(C) Rs. 1,50,000
(D) Rs. 2,00,000
(30) Senior citizens for section 80D means attaining ......... years anytime during the previous year or more.
(A) 65 years
(B) 55 years
(C) 75 years
(D) 60 years
(31) Deduction u/s 80E shall be allowed in respect of amount paid by way of interest of loan taken from
(A) Any relative
(B) Any person
(C) Financial institution or approved charitable institution
(D) None of the above
(32) Deduction u/s 80 U in case of person with disability is allowed to
(A) An individual who is citizen of India
(B) An individual assesses
(C) None of the above
No comments:
Post a Comment