Articleship assessment test ICAI – Level 1 | Direct Tax MCQ – Deductions from Gross Total Income

Articleship assessment test ICAI – MCQ

Question 1:- 

The amount of eligible deduction for premium paid on insurance policy other than contract of deferred annuity for policy issued on or after 1.4.2012 is:

(a) 10% of the capital sum assured

(b) 15% of the capital sum assured

(c) 20% of the capital sum assured

(d) Highest of A, B and C

Question 2:- 

Deduction u/s 80CCD is allowed to an individual assessee who is employed by either any employer or:

(a) A central government employee, employed before 01.04.2004

(b) A central government employee, employed before 01.04.2003

(c) A central government employee, employed on or after 01.01.2004

(d) None of the above




Question 3:- 

The maximum deduction available u/s 80CCD(1B) is minimum of either actual amount paid or deposited or ____________.

(a) 50,000

(b) 1,00,000

(c) 1,50,000

(d) 2,00,000

Question 4:- 

What is the ceiling for deduction u/s 80CCE, in respect of deductions u/s 80C, 80CCC and 80CCD?

(a) 50,000

(b) 1,00,000

(c) 1,50,000

(d) 2,00,000

Question 5:- 

______________ covers deduction in respect of medical insurance premia.

(a) Section 80CCD

(b) Section 80D

(c) Section 80E

(d) Section 80U

Answers

1. (a) 10% of the capital sum assured

2. (c) A central government employee, employed on or after 01.01.2004

3. (a) 50,000

4. (c) 1,50,000

5. (b) Section 80D

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