Question 1

Deduction under section 80DD is available to

Accepted Answer

Deduction under section 80DD of the Income Tax Act is specifically available for the medical treatment, training, and rehabilitation of a disabled dependent.

Question 2

Deduction under sec 80DD is available to the extent of

Accepted Answer

Deduction under section 80DD of the Income Tax Act is available to the extent of Rs 75,000 for maintenance, including medical treatment, of a dependent who is a person with disability.

Question 3

Deduction under section 80DDB is available to the extent of

Accepted Answer

Section 80DDB provides a deduction of up to Rs. 40,000 for medical treatment of specified diseases for the taxpayer or a dependent.

Question 4

Deduction under section 80E is available on

Accepted Answer

Deduction under section 80E of the Income Tax Act is specifically available for interest paid on loans taken for higher education, making "education" the correct choice.

Question 5

Deduction under 80 QQB is available in respect of

Accepted Answer

Deduction under section 80QQB of the Income Tax Act, 1961, is available in respect of royalty income earned by authors of certain books other than textbooks.

Question 6

Every assesse has to file return of income if their taxable income exceeds

Accepted Answer

The correct answer is D) basic exemption limit. This is because the requirement to file a return of income is triggered when an individual's taxable income exceeds the basic exemption limit set by the tax authorities, not merely their gross total income, total income, or net income. The basic exemption limit is a threshold below which income is not subject to tax.

Question 7

.The due date of filing return of income in case of company is

Accepted Answer

The due date for filing the return of income for a company is 30th September for any given assessment year, unless extended by the government.

Question 8

if total income is up to 50,000 then the late fees of filing ROI IS

Accepted Answer

The late fee for filing a return of income (ROI) when the total income is up to 50,000 is 1,000 as per the Income Tax Act provisions.

Question 9

If total income is up to 5,00,000 then the late fees of filing ROI is

Accepted Answer

The answer of If total income is up to 5,00,000...

Question 10

Sales tax collected from the buyer of the goods is

Accepted Answer

The answer of Sales tax collected from the buyer of...

Question 11

Agricultural income is completely exempted for assessment year .

Accepted Answer

Agricultural income has been exempt from tax under the Indian Income Tax Act since its inception, and this exemption was applicable for the assessment year 1974-75 as well.

Question 12

An individual is said to be resident in India if .

Accepted Answer

The criteria mentioned in both options A and B are conditions under the Income Tax Act of India that determine the residential status of an individual for tax purposes. Therefore, both conditions are correct, making option C the correct choice.

Question 13

The HUF is said to be resident in India if .

Accepted Answer

A Hindu Undivided Family (HUF) is considered resident in India if the control and management of its affairs are situated wholly or partly in India. This means that even if a part of the management happens in India, the HUF is considered a resident.

Question 14

_________ of Income Tax Act is related to residential status.

Accepted Answer

Section 2 of the Income Tax Act defines various terms, including the residential status of an individual, which is crucial for determining tax liability.

Question 15

The meaning of exempted income is .

Accepted Answer

The answer of The meaning of exempted income is .
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Quiz 3: Income Tax Deductions, Filing Requirements, and Exemptions in India