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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Share Report

A fundamental feature of the Cash Basis of Accounting is that:

A. Depreciation is recorded monthly

B. Prepaid expenses are shown as assets

C. Outstanding expenses are recorded as liabilities

D. Income is recorded only when cash is received

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

Explanation:
The cash basis recognizes revenues and expenses strictly based on the actual flow of cash, ignoring accruals.

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

Question #2

Share Report

Under the Income Tax Act, the 'TDS' on payment of interest on securities (other than 8% taxable government securities) is governed by which section?

A. Section 194J

B. Section 194

C. Section 194A

D. Section 194C

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Section 194 of the Income Tax Act mandates TDS on income by way of interest on securities (like debentures, corporate bonds) at the prescribed rates.

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