Section 80D deduction is for: MCQ with Answer and Explanation

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Section 80D deduction is for:

A. Life insurance premium

B. Health insurance premium

C. Education loan interest

D. Donations

Answer: Option B

Solution (By JKSSB Mock Tests)

Section 80D allows deduction for medical insurance premium.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

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The 'Penalty' for not issuing a GST invoice is:

A. 25% of tax

B. No penalty

C. 100% of tax due or ₹10,000, whichever is higher

D. Fixed amount

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Correct Answer: Option C

Explanation:
Section 122 provides penalty of ₹10,000 or tax amount, whichever higher, for not issuing invoice.

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Question #2

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The 'Tax Deduction at Source' (TDS) certificate for salary is Form:

A. Form 16A

B. Form 16

C. Form 26AS

D. Form 24Q

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Correct Answer: Option B

Explanation:
TDS on salary is certified through Form 16.

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Question #3

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The 'Capital Gains' from sale of long-term listed equity shares (STT paid) exceeding ₹1 lakh are taxed at:

A. 15%

B. 10% without indexation

C. Exempt

D. 20% with indexation

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Correct Answer: Option B

Explanation:
LTCG on listed equity shares/equity-oriented funds exceeding ₹1 lakh is taxed at 10% without indexation.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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