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

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Section 80D deduction is for:

A. Life insurance premium

B. Education loan interest

C. Health insurance premium

D. Donations

Answer: Option C

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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'Internal Control' is the responsibility of:

A. Auditor

B. Government

C. Shareholders

D. Management

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Correct Answer: Option D

Explanation:
Management is responsible for establishing and maintaining internal controls.

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

Question #2

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The 'MAT credit' can be carried forward for:

A. 5 years

B. 15 years

C. 8 years

D. Indefinite

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Correct Answer: Option B

Explanation:
MAT credit can be carried forward for 15 assessment years.

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Question #3

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Adjusted Purchases is calculated as:

A. Net Purchases - Closing Stock

B. Opening Stock + Net Purchases + Direct Expenses

C. Opening Stock + Net Purchases

D. Opening Stock + Net Purchases - Closing Stock

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Correct Answer: Option D

Explanation:
Adjusted purchases represent the cost of materials actually consumed during the year, removing the stock left unsold.

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

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