Explanation:
Section 80D allows a deduction of up to ₹25,000 for health insurance premiums paid for self, spouse, and dependent children (if below 60 years). For senior citizens, the limit is ₹50,000.
Explanation:
Non-profit organizations use the term surplus (not profit) for excess of income over expenditure, shown in Income and Expenditure Account.
A: Flexible budget is prepared for a range of activity levels. R: It helps in performance evaluation at different actual activity levels. Choose the correct option.
A.A is false but R is true
B.A is true but R is false
C.Both A and R are true but R is NOT the correct explanation of A
D.Both A and R are true and R is the correct explanation of A
Explanation:
A flexible budget is designed to change with the level of activity, providing budgeted costs for various levels. This allows management to compare actual performance with the budgeted costs for the *actual* level of activity, aiding in fair performance evaluation. R correctly explains A.
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