The 'Section 80GGC' deduction is available for: MCQ with Answer and Explanation

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The 'Section 80GGC' deduction is available for:

A. Donations to charitable trusts

B. Donations to political parties by individuals

C. Donations to political parties by companies

D. All donations

Answer: Option B

Solution (By JKSSB Mock Tests)

Section 80GGC is for individuals to claim deduction for contributions to political parties. Companies claim under Section 80GGB.

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

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The 'GST on Education Services' provided by educational institutions is:

A. 5%

B. 12%

C. Exempt for specified services and institutions

D. 18%

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Correct Answer: Option C

Explanation:
Services provided by educational institutions to students/faculty are exempt.

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Question #2

The 'Outcome Budget' in India is a part of:

A. The annual budget documents, showing measurable outcomes

B. Economic Survey

C. Finance Bill

D. Separate document from budget

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Correct Answer: Option A

Explanation:
Outcome budget is included in the budget papers to link expenditure with targeted results.

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Question #3

Under the concept of 'Triple Bottom Line' (TBL) reporting, a company focuses on:

A. Revenues, Expenses, and Taxes

B. People, Planet, and Profit

C. Profits, Dividends, and Retained Earnings

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Correct Answer: Option B

Explanation:
TBL is a framework advocating that companies commit to social (People) and environmental (Planet) concerns just as they do on financial (Profit) goals.

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