Under Section 80D of the Income Tax Act, a deduction is allowed for: MCQ with Answer and Explanation

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Under Section 80D of the Income Tax Act, a deduction is allowed for:

A. Life insurance premiums

B. Medical insurance premiums

C. Donations to charities

D. Interest on education loan

Answer: Option B

Solution (By JKSSB Mock Tests)

Section 80D provides deductions for premiums paid toward health/medical insurance for self, family, and parents.

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

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Question #1

A social audit is typically conducted by:

A. Stakeholders, including community representatives

B. Only chartered accountants

C. Only management

D. Only government officials

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Correct Answer: Option A

Explanation:
Social audit involves participation of various stakeholders, including the local community, to evaluate social performance.

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

Question #2

The 'Public Account' of India includes:

A. Grants from foreign governments

B. Provident fund, small savings, etc.

C. Tax revenues

D. Borrowings

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Correct Answer: Option B

Explanation:
Public Account holds money received for specific purposes like provident fund, small savings, etc., not belonging to government.

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

Question #3

The 'Dividend Payout Ratio' is:

A. Dividend / Total assets

B. Earnings / Dividend

C. Dividend per share / Earnings per share

D. Dividend / Sales

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Correct Answer: Option C

Explanation:
DPR measures proportion of earnings distributed as dividends.

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

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