Question 1

When the income of minor child is included in the income of parent, then parent is entitled to an exemption up to:

Accepted Answer

The parent is entitled to an exemption of Rs: 1,500 per child when the income of a minor child is included in the income of the parent. This exemption is provided to mitigate the tax burden due to the inclusion of the child's income in the parent's total income.

Question 2

Loss in respect of speculation business can be:

Accepted Answer

Loss in respect of speculation business can only be set off against profit from another speculation business. This is because speculation losses are treated differently from non-speculation business losses under tax laws, and they can only be offset against gains from similar types of speculative transactions.

Question 3

The unabsorbed loss under "Income from house property" shall be carried forward and set-off in subsequent assessment years up to a maximum of ............................... years against income from house property.

Accepted Answer

The unabsorbed loss under "Income from house property" can be carried forward and set off in subsequent assessment years up to a maximum of 8 years against income from house property.

Question 4

The losses of non-speculation business can be carried forward and set off against:

Accepted Answer

Losses from non-speculation business can be set off against profits from any business.

Question 5

The losses of non-speculation business can be carried forward for:

Accepted Answer

Non-speculation business losses can be carried forward for 8 years.

Question 6

The losses of speculation business can be carried forward for:

Accepted Answer

The losses of speculation business can be carried forward for 4 years.

Question 7

The losses from specified business can be carried forward and can be set-off against profits of:

Accepted Answer

Losses from specified businesses can only be carried forward and set off against profits from specified businesses, as per the income tax laws in many jurisdictions. This ensures that losses are matched with similar types of income.

Question 8

S T C L can be carried forward for:

Accepted Answer

The answer of S T C L can be carried...

Question 9

S T C L can be carried forward and set-off against:

Accepted Answer

Short Term Capital Loss (STCL) can be set off against both Short Term Capital Gains (STCG) and Long Term Capital Gains (LTCG).

Question 10

L T C L can be carried forward for:

Accepted Answer

The answer of L T C L can be carried...

Question 11

L T C L can be carried forward and set-off against:

Accepted Answer

Long-term capital loss (L T C L) can only be set off against long-term capital gains (L T C G) as per the income tax regulations.

Question 12

Loss from the activity of owning and maintaining race horses can be carried forward for:

Accepted Answer

Loss from the activity of owning and maintaining race horses can be carried forward for 4 years.

Question 13

Only................are entitled to deduction under section 80 U.

Accepted Answer

Under Section 80U of the Income Tax Act, only individuals who are residents of India and have a disability are entitled to claim a deduction.

Question 14

The amount of deduction under section 80 C is restricted to:

Accepted Answer

The amount of deduction under section 80C of the Income Tax Act, 1961, is restricted to Rs. 1,50,000. This limit encompasses various investments and expenses like life insurance premiums, Public Provident Fund (PPF), Equity Linked Savings Scheme (ELSS), principal repayment of home loan, etc.

Question 15

The aggregate amount of deduction under section 80 C, section 80 CCC and section 80 CCD(1) shall not exceed:

Accepted Answer

The aggregate amount of deduction under section 80C, 80CCC, and 80CCD(1) of the Income Tax Act, 1961, is capped at Rs. 1,50,000. This limit is set to encourage savings and investments in specified instruments.

Question 16

The deduction in respect of medical treatment of a dependent who is a person with disability is:

Accepted Answer

The deduction allowed under Section 80DD of the Income Tax Act, for medical treatment of a dependent who is a person with disability, is Rs. 75,000.

Question 17

The deduction in respect of medical treatment of a dependent who is a person with disability is:

Accepted Answer

The deduction for medical treatment of a dependent who is a person with disability under Section 80DD of the Income Tax Act, 1961, is Rs. 1,25,000.

Question 18

Which among the following deals with deduction in respect of donation to certain funds, charitable institution, etc?

Accepted Answer

Section 80G of the Income Tax Act, 1961, deals with deductions on donations made to certain funds, charitable institutions, etc. It allows taxpayers to claim a deduction for donations made to specified relief funds and charitable institutions.

Question 19

With effect from A. Y. 2018-19, donation should be paid in any mode other than cash when it exceeds:

Accepted Answer

For donations to be eligible for deduction under Section 80G of the Income Tax Act, with effect from the Assessment Year 2018-19, any donations above Rs 2,000 must be made in a mode other than cash to qualify for the deduction. This was implemented to encourage transparency and traceability of donations.

Question 20

Which among the following deals with deduction in respect of royalty income of authors?

Accepted Answer

Section 80QQB of the Income Tax Act, 1961, deals with the deduction in respect of royalty income of authors. This section allows authors to claim a deduction on their income earned through royalties, subject to certain conditions and limits.

Quiz 4: Taxation and Deductions

When the income of minor child is included in the income of parent, then parent is entitled to an exemption up to:

Loss in respect of speculation business can be:

The unabsorbed loss under "Income from house property" shall be carried forward and set-off in subsequent assessment years up to a maximum of ............................... years against income from house property.

The losses of non-speculation business can be carried forward and set off against:

The losses of non-speculation business can be carried forward for:

The losses of speculation business can be carried forward for:

The losses from specified business can be carried forward and can be set-off against profits of:

S T C L can be carried forward for:

S T C L can be carried forward and set-off against:

L T C L can be carried forward for:

L T C L can be carried forward and set-off against:

Loss from the activity of owning and maintaining race horses can be carried forward for:

Only................are entitled to deduction under section 80 U.

The amount of deduction under section 80 C is restricted to:

The aggregate amount of deduction under section 80 C, section 80 CCC and section 80 CCD(1) shall not exceed:

The deduction in respect of medical treatment of a dependent who is a person with disability is:

The deduction in respect of medical treatment of a dependent who is a person with disability is:

Which among the following deals with deduction in respect of donation to certain funds, charitable institution, etc?

With effect from A. Y. 2018-19, donation should be paid in any mode other than cash when it exceeds:

Which among the following deals with deduction in respect of royalty income of authors?