Tax Planning: Deductions under Chapter VI of Income Tax
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Tax Planning: Deductions under Chapter VI of Income Tax

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Questions and Answers

What is the maximum deduction allowed under Section 80CCC for payment of premium towards an annuity plan?

  • Rs. 1,00,000
  • Rs. 2,00,000
  • Rs. 1,50,000 (correct)
  • Rs. 50,000

    • Which of the following investments is eligible for deduction under Section 80C of the Income Tax Act?

  • Investment in stocks and shares
  • Purchase of a luxury car
  • Contribution to a recognized Provident Fund (correct)
  • Payment made for foreign travel expenses

    • Which of the following individuals can claim a deduction under Section 80CCD(1)?

  • Both employees and self-employed individuals contributing to a pension scheme (correct)
  • Only employees contributing to a Provident Fund
  • Only self-employed individuals contributing to a pension scheme
  • Individuals not receiving any income

    • What is the maximum deduction allowed under Section 80CCD(1B) for contributions to the National Pension Scheme?

    <p>Rs. 50,000</p> Signup and view all the answers

    Which of the following payments is NOT eligible for deduction under Section 80C?

    <p>Payment made for a vacation package</p> Signup and view all the answers

    For what purpose must the premium be paid to qualify for a deduction under Section 80CCC?

    <p>Keeping in force an annuity plan contract</p> Signup and view all the answers

    What is the maximum deduction available under 80C, 80CCC, and 80CCD(1)?

    <p>Rs. 1,50,000</p> Signup and view all the answers

    For senior citizens, what is the maximum deduction available for Medical Insurance Premium for self and family members under 80D?

    <p>Rs. 50,000</p> Signup and view all the answers

    What is the maximum deduction available for Medical Insurance Premium for parents (Senior Citizens) under 80D?

    <p>Rs. 50,000</p> Signup and view all the answers

    What is the maximum deduction under 80DD for maintenance including medical treatment of a dependent with severe disability (more than 80%)?

    <p>Rs. 1,25,000</p> Signup and view all the answers

    Under which section can a deduction be claimed for interest on a loan taken for higher education?

    <p>80E</p> Signup and view all the answers

    What is the maximum deduction available under section 80DDB for medical treatment of specified disease or ailment?

    <p>$40,000</p> Signup and view all the answers

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