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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?
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?
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?
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?
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?
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?
Which of the following is an example of a variable cost?
What is the main advantage of using a job cost card?
What is the main advantage of using a job cost card?
Why is estimation of costs difficult in a job costing system?
Why is estimation of costs difficult in a job costing system?
What is the purpose of collecting direct costs in job costing?
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?
What type of production process is more stable and standardized compared to job execution?
