Deduction from Gross Total Income
- Purchase NSCs (VIII issue) on 15.3.2017 for 10,000 and on 15.3.2018 for Rs. 20,000. He also purchases National relief bonds worth Rs. 30,000 on 13.3.2018. State the amount of deduction he can claim under section 80C for the assessment year 2019 -20. Interest accruing on NSCs of Rs. 100 denomination for first year is Rs. 8.16 and for second year it is Rs. 8.83
(a) Rs. 30,000
(b) Rs. 33,398
(c) Rs. 2,515
(d) Rs. 31,766 - Under Section 80 TTA of IT Act, the maximum amount of deduction allowed is
(a) Rs 1,000
(b) Rs 3,000
(c) Rs. 5,000
(d) Rs 10,000 - The sum of various heads is called as
(a) Taxable income
(b) Gross total income
(c) Total income
(d) Adjusted income - X donated Rs. 20,000 to a charitable institution, which is eligible for deducting u/s 80 G, and Rs. 10,000 to Government for purpose of promoting Family Planning during the previous year. His total income during the period was Rs. 2,50,000. How much deduction he can claims u/s 80G?
(a) Rs. 17,500
(b) Rs 10,000
(c) Rs. 15,000
(d) Rs. 20,000 - X donated Rs. 5,000 to a charitable institution, which is eligible for deducting u/s 80 G, His total income during the period was Rs. 1,50,000. How much deduction he can claims u/s 80 G?
(a) Rs. 17,500
(b) Rs 10,000
(c) Rs. 15,000
(d) Rs. 2,500 - X donated Rs. 20,000 to a charitable institution, which is eligible for deducting u/s 80 G, and Rs. 5,000 to Government for purpose of promoting Family Planning during the previous year. His total income during the period was Rs. 1,00,000. How much deduction he can claims u/s 80G?
(a) Rs. 7,500
(b) Rs 10,000
(c) Rs. 15,000
(d) Rs. 20,000 - Match the items of List – I with those of the List – II and indicate the correct code:
List – I
a. Section 80 C
b. Section 80 CCC
c. Section 80 CCD
d. Section 80 CCG
List – II
i. Employer Contribution to Pension Fund
ii. Pension fund of UTI
iii.Pension fund of Central Government
iv. Pension fund of LIC
Codes:
a b c d
(a) i ii iii iv
(b) ii iv iii i
(c) iii i iv ii
(d) i iii iv ii - Match the items of List – I with those of the List – II and indicate the correct code:
List – I
a. 100 % Deduction without any Qualifying Limits
b. 50 % Deduction without any Qualifying Limits
c. 100 % Deduction subject to Qualifying Limits
d. 50 % Deduction subject to Qualifying Limits
List – II
i. Donation to Charitable Trust
ii. Donation for Family Planning
iii.Prime Ministers Drought Relief Fund
iv. Prime Ministers National Relief Fund
Codes:
a b c d
(a) i ii iii iv
(b) ii iv iii i
(c) iii i iv ii
(d) iv iii ii i - Which of the following deductions under Chapter VI A of Income Tax Act, 1961, cannot be claimed by a partnership firm?
(i) Sec. 80-G
(ii) Sec. 80-C
(iii) Sec. 80-U
(iv) Sec. 80-IB
Codes:
(a) (ii), (iii) and (iv)
(b) (i) and (iii)
(c) (i), (ii) and (iii)
(d) (ii) and (iii) - Amount of deduction in case of a person with severe disability under section 80-U will be:
(a) Rs. 50,000
(b) Rs. 75,000
(c) Rs. 1,25,000
(d) Rs. 1,50,000 - Deduction in respect of contribution to political party will:
(a) be allowed in respect of sum paid by way of cash
(b) not be allowed if payment made in cash
(c) This type of deduction is not allowed whether payment is in cash or not.
(d) be allowed if payment made in cash, subject to certain conditions - A pays (through any mode other than cash) during the previous year medical insurance premia as under:
(i) Rs. 40,000 to keep in force an insurance policy on his health and on the health of his wife and dependent children;
(ii) Rs. 35,000 to keep in force an insurance policy on the health of his parents where his
father is a senior citizen.
Calculate deduction under section 80D.
(a) Rs. 50,000
(b) Rs. 60,000
(c) Rs. 75,000
(d) Rs. 55,000 - Aggregate amount of deduction under section 80C, 80CCC and 80CCD (1) cannot exceed from :
(a) Rs. 1,00,000
(b) Rs. 2,00,000
(c) Rs. 1,50,000
(d) Rs. 1,25,000 - Deduction under section 80C to 80U cannot exceed from:
(a) Gross Total Income
(b) Total Income
(c) Income from business or profession
(d) Income from house property - Mr. A (60 years) submits the following information for the Assessment year 2019-20:
Gross salary – Rs. 8,80,000
Income from other sources – Rs. 60,000
Contribution to PPF- Rs. 70,000
Compute the tax liability of A.
(a) Rs. 99,000
(b) Rs. 97,240
(c) Rs. 87,360
(d) Rs. 90,800 - Mr. Arjun’s, aged 40 years, total income comprises of long-term capital gains on sale of land Rs.5 lakhs; short term capital gains on sale of STT paid listed equity shares Rs.2 lakhs; income from lottery Rs.1 lakh and savings bank interest Rs.30,000. He invests Rs.1.50 lakhs in PPF. His tax liability for A.Y.2019-20 is –
(a) Rs.1,64,800
(b) Rs.1,66,400
(c) Rs.1,14,400
(d) Rs.1,13,300