Which of the following deductions is not allowed under the new income tax regime (default)? MCQ with Answer and Explanation

Question
Which of the following deductions is not allowed under the new income tax regime (default)?
A. Section 80CCD(2) (employer contribution to NPS)
B. Standard deduction on salary
C. Section 80C (PPF, LIC, etc.)
D. Section 24(b) interest on housing loan (let-out property)
Answer: Option C
Solution (By JKSSB Mock Tests)
Under the new regime, Section 80C deductions are not allowed.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
Which document serves as the basis for recording transactions in the books of accounts?
A. Trial Balance
B. Financial Statement
C. Source Document
D. Ledger Account
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Correct Answer: Option C

Explanation:
Source documents (like invoices, receipts) provide the objective evidence and basic data for preparing accounting vouchers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
While preparing a Bank Reconciliation Statement, a cheque deposited but not yet cleared is:
A. Added to the bank statement balance
B. Added to the cash book balance
C. Deducted from the cash book balance
D. Deducted from the bank statement balance
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Correct Answer: Option A

Explanation:
When starting from bank statement (pass book) balance, a deposit in transit must be added because it's not yet reflected in the bank statement.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The threshold limit for paying Advance Tax is when the estimated tax liability for the year is:
A. Rs 50,000 or more
B. Rs 5,000 or more
C. Rs 10,000 or more
D. Rs 20,000 or more
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Correct Answer: Option C

Explanation:
If the estimated tax liability (after TDS) exceeds Rs 10,000, the taxpayer is obligated to pay advance tax in installments.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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