SEBI - Investor Certification Examination
SEBI - Investor Certification Examination
Q 56. What deductions are allowed under Section 80C of the Income Tax Act?
Deduction for medical expenses
Deduction for educational expenses
Deduction for investments in various schemes like life insurance, provident fund, etc.
Deduction for entertainment expenses
Q 57. What additional deduction is available under Section 80CCD (1B)?
Deduction for home loan interest
Deduction for medical insurance premium
Deduction for investment in NPS over and above Section 80C limit
Deduction for charitable donations
Q 58. Who is eligible to claim deductions under Section 80D?
Individuals only
Corporate firms only
Individuals for medical insurance availed for themselves, spouse, dependent parents, and dependent children.
Only senior citizens
Q 59. Which donations are deductible under Section 80G?
Donations to political parties
Donations to any charity organization
Donations to religious institutions
Donations to any individual in need
Q 60. What type of interest is eligible for deduction under Section 80TTA?
Interest on fixed deposits
Interest on education loans
Interest on savings account
Interest on corporate bonds
Q 61. What is the purpose of Section 24 of the Income Tax Act?
To provide deductions for education expenses
To provide deductions for medical expenses
To provide deductions for housing loan interest
To provide deductions for travel expenses
Q 62. Which deductions are covered under Section 80C of the Income Tax Act?
Medical expenses
EducationExpensess
Investments in life insurance, provident fund, ELSS schemes, etc.
Entertainment expenses
Q 63. What additional deduction is available under Section 80CCD (1B) of the Income Tax Act?
Deduction for education expenses
Deduction for medical expenses
Deduction for investment in NPS over and above the limit specified under Section 80C
Deduction for travel expenses
Q 64. Who can claim deductions under Section 80D of the Income Tax Act?
Only individuals
Only companies
Individuals for medical insurance availed for themselves, spouse, dependent parents, and dependent children.
Only children
Q 65. What types of donations are deductible under Section 80G of the Income Tax Act?
Donations to political parties
Donations to any charity organization
Donations to religious institutions
Donations to friends and family
Q 66. What interest is eligible for deduction under Section 80TTA of the Income Tax Act?
Interest on fixed deposits
Interest on education loans
Interest on savings account
Interest on corporate bonds