S. Y. B. COM
SEMESTER - IV
INCOME TAX RETURN PREPARATION
(ITRP)
MCQS
DEDUCTION FROM GROSS TOTAL INCOME
Multiple Choice Questions
1) Deduction u/s 80 C in respect of LIP, Contribution to provident fund, etc. is allowed to:
a) Any assesses
b) An individual
c) An Individual or HUF
d) An individual of HUF who is resident in India
2) Deduction u/s 80-C is allowed to the maximum of
a) Rs.50,000
b) Rs.1,50,000
c) Rs.1,00,000
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 only
b) Himself spouse and any child
c) Himself or spouse
d) None of the above
4) In the case of HUF, deduction u/s 80 C in respect of life insurance premium shall be allowed for:
a) Karta of HUF
b) Karta and Coparce ner of the HUF
c) Any member 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
b) Out of any income chargeable to income tax
c) During the current year out of any sources
d) None of the above
7) Annual interest accrued on NSCs VIII issue shall be
a) Exempt
b) Taxable only in VIIIth year
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 time education in a school or college
b) Any full or part time education
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. 1,50,000
b) Rs. 1,00,000
c) Rs. 2,50,000
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) Any assesses
b) Individual or HUF
c) Individual only
d) None of the above
13) 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
Fill in the blanks:
1) Deduction u/s 80 DD in respect of maintenance of a handicapped dependent is allowed to ............. or .......... Only.
Ans : Individual, HUF
2) Amount deductible u/s 80 DD for maintenance of a handicapped dependent is Rs. ...............
Ans : 50,000
3) Deduction u/s 80 E is available of interest on loan for higher education to .............. only.
Ans : Individuals
4) The deduction u/s 80 E for payment of interest on loan for higher education is allowed for a maximum period of ............... years.
Ans : 8
5) Deduction u/s 80 C in respect of tution fee is allowed to the maximum extent of ........... for two children.
Ans : 1,50,000
6) Payment of life insurance premium on policies issued before 31-3-2012 in excess of....... of the sum assured shall not be included in the amount deductible under section 80 C.
Ans : 20%
Match the column
|
Column A |
Column B |
|
1) Deduction from GTI, included in |
a) Sec 80 E |
|
2) Exempt income are laid down in |
b) Sec 80 U |
|
3) Deduction based on contribution to pension Funds |
c) Sec 80 |
|
4) Deduction based on interest paid on loan for Higher education |
d) Sec 80 C |
|
5) Deduction for handicapped individual |
e) Sec. 80 DDD |
|
|
f) Sec. 10 |
|
|
g) Sec. 80 CCC |
Ans : (1-c), (2-f), (3-g), (4-a), (5-b)
|
Column A |
Column B |
|
1)
Maximum total deductions |
a)
Amount paid |
|
2)
Maximum contribution to pension funds |
b)
Gross Total Income |
|
3)
Maximum claim for Medical by a senior citizen |
c)Rs.15,000 |
|
4)
Maximum interest claim on loan for higher education u/s 80 E |
d)
Rs.50,000 |
|
5)
Deduction for a severely handicapped resident Individual |
e)
Rs.1,00,000 |
|
|
f) Rs.1,00,000 |
|
|
g) Rs.20,000 |
Ans : (1-b), (2-e), (3-g), (4-a), (5-f)
State whether true or false
1) Deduction u/s 80C in respect of LIP, contribution to provident fund, etc. is allowed to any assesses.
Ans : False
2) Deduction u/s 80 C is allowed from gross total income
Ans : True
3) For calming Deduction u/s 80C in respect of LIP, premium can be paid by assesses for himself, spouse and any child.
Ans : True
4) For calming Deduction u/s 80C, for life insurance premium if the payment is made by the assesses for his child then the child must be dependent and unmarried.
Ans : False
5) An assesses has paid life insurance premium of Rs.25,000 during the previous year for a policy of Rs.1,00,000. He shall be allowed deduction for the entire premium as per the provision of section 80C.
Ans : False
6) For claiming Deduction u/s 8OC in respect of P.P.F. for contribution must be paid by individual in the PPF account of himself only.
Ans : False
7) The annual interest accrued on NSCs VIII issue shall be taxable as "Income from other sources" but also eligible for deduction u/s 80C.
Ans : True
8) Deduction u/s 80C in respect of tuition fee is allowed to an individual or HUF.
Ans : False
9) Deduction u/s 80C in respect of tuition fee is allowed to an individual for any number of his children.
Ans : False
10) Deduction u/s 80C in respect of tuition fee is allowed to the maximum extent of Rs.12,000 per child for maximum of 2 children.
Ans : False
11) Deduction u/s 80D in respect of medical insurance premium is allowed to any person who is resident in India.
Ans : False
12) Deduction u/s 80 D is allowed only if the premium is paid to Life Insurance Corporation.
Ans : False
13) The premium u/s 80 D can be paid by an individual, for his dependent brother.
Ans : False
14) The payment for insurance premium u/s B0 D can be made in cash.
Ans : False
15) The quantum of deduction allowed u/s 80D shall be limited to Rs. 1,00,000.
Ans : False
16) Where the medical insurance premium is paid to effect an insurance in relation to a senior citizen, the deduction allowed shall be Rs.1,15,000.
Ans : False
17) Deduction uls 80 U in case of permanent physical disability is allowed to an individual who is Citizen in India.
Ans : False
18) The quantum of maximum deduction allowed u/s 80 U is Rs.50,000.
Ans : False
19) Deduction u/s 80 U shall be allowed only when the assesses is suffering from a permanent disability at the beginning of the previous year.
Ans : False
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