The 'Standard Deduction' for family pension under the new tax regime is: MCQ with Answer and Explanation

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The 'Standard Deduction' for family pension under the new tax regime is:

A. Not allowed

B. ₹50,000

C. ₹15,000 or one-third of pension, whichever is less

D. ₹25,000

Answer: Option C

Solution (By JKSSB Mock Tests)

Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.

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

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Question #1

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Assertion (A): Indirect Taxes are regressive in their impact. Reason (R): They are levied at a uniform rate irrespective of the income level of the consumer.

A. Both A and R are true and R is the correct explanation of A

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. A is false but R is true

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Correct Answer: Option A

Explanation:
Because indirect taxes (like GST) are charged flatly on goods, lower-income people pay a higher proportion of their income, causing a regressive effect.

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