Income Tax Deductions Quiz

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What is the limit for aggregate deductions under section 80C, section 80CCC, and sub-section (1) of section 80CCD?

Rupees two hundred fifty thousand

Rupees one hundred fifty thousand (correct)

Rupees one hundred thousand

Rupees two hundred thousand

Which section of the IT Act provides a deduction in respect of interest on loan taken for higher education?

Section 80G

Section 80E (correct)

Section 80TTA

Section 80TTB

What does section 115BAA of the IT Act provide?

Reduced corporate tax rate for domestic companies (correct)

Tax benefits for charitable institutions

Reduced tax rate for senior citizens

New concessional tax rates for individuals

Which type of expenses are incurred on a specific cost unit and are identifiable with the cost unit?

Direct expenses Signup and view all the answers

What are the costs that do not depend on the volume of production or the level of activity?

Fixed costs Signup and view all the answers

Which of the following is an example of a variable cost?

Costs that depend directly on the volume of production Signup and view all the answers

What is the main advantage of using a job cost card?

It provides a record of the time spent by operators on each job Signup and view all the answers

Why is estimation of costs difficult in a job costing system?

Data may be unavailable due to the uniqueness of the job Signup and view all the answers

What is the purpose of collecting direct costs in job costing?

To track and allocate costs directly related to a specific job Signup and view all the answers

What type of production process is more stable and standardized compared to job execution?

Continuous process Signup and view all the answers

Income Tax Deductions Quiz

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Questions and Answers

What is the limit for aggregate deductions under section 80C, section 80CCC, and sub-section (1) of section 80CCD?

Which section of the IT Act provides a deduction in respect of interest on loan taken for higher education?

What does section 115BAA of the IT Act provide?

Which type of expenses are incurred on a specific cost unit and are identifiable with the cost unit?

What are the costs that do not depend on the volume of production or the level of activity?

Which of the following is an example of a variable cost?

What is the main advantage of using a job cost card?

Why is estimation of costs difficult in a job costing system?

What is the purpose of collecting direct costs in job costing?

What type of production process is more stable and standardized compared to job execution?

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