Under the Income Tax Act, the deduction under Section 80D for health insurance premiums paid for self, spouse, and dependent children is: MCQ with Answer and Explanation

Question

Under the Income Tax Act, the deduction under Section 80D for health insurance premiums paid for self, spouse, and dependent children is:

A. ₹50,000 for individuals below 60 years

B. ₹75,000 for individuals below 60 years

C. ₹25,000 for senior citizens

D. ₹25,000 for individuals below 60 years

Answer: Option D

Solution (By JKSSB Mock Tests)

Section 80D allows a deduction of up to ₹25,000 for health insurance premiums paid for self, spouse, and dependent children (if below 60 years). For senior citizens, the limit is ₹50,000.

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

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Question #1

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Which of the following is an accounting standard on 'Impairment of Assets'?

A. AS 14

B. AS 10

C. AS 2

D. AS 28

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Correct Answer: Option D

Explanation:
AS 28 deals with Impairment of Assets, ensuring assets are not carried at more than recoverable amount.

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Question #2

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Goods destroyed by fire ₹8,000, insurance company admitted claim of ₹5,000. Loss charged to P&L A/c will be:

A. ₹5,000

B. ₹13,000

C. ₹3,000

D. ₹8,000

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Correct Answer: Option C

Explanation:
Net loss = Total loss - Insurance claim = 8,000 - 5,000 = ₹3,000, charged to P&L.

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Question #3

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Under the Comptroller and Auditor General's (Duties, Powers and Conditions of Service) Act, 1971, the CAG audits the accounts of:

A. Union and State Governments only

B. Union, State Governments, Government Companies, and bodies substantially financed by the government

C. Union, State Governments, and Government Companies

D. Only the Union Government

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Correct Answer: Option B

Explanation:
The CAG's DPC Act, 1971, empowers the CAG to audit the Consolidated Fund of India and States, government companies, and any other bodies or authorities substantially financed by government grants or loans.

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