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?

  • 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?

    <p>Direct expenses</p> Signup and view all the answers

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

    <p>Fixed costs</p> Signup and view all the answers

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

    <p>Costs that depend directly on the volume of production</p> Signup and view all the answers

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

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

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

    <p>Data may be unavailable due to the uniqueness of the job</p> Signup and view all the answers

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

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

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

    <p>Continuous process</p> Signup and view all the answers

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