Deductions under chapter VI-A

Deductions under Chapter VI-A of the Income Tax Act, 1961 are allowed after excluding which of the following incomes from the gross total income?

(i) Income from house property

(ii) Long-term capital gains

(iii) Short-term capital gains under Section 111A

(iv) Income from lotteries

• (i), (ii) and (iii)

• (ii), (iii) and (iv)

• Both (ii) and (iii)

• 4.Only (ii)

The deductions are available from the following incomes except:

• (a) Long term capital gains

• (b) Short term capital gains u/s 111A

• © Winnings from lotteries, races, etc.

• (d) All of the above

Mr. Ram has GTI of ₹1,20,000 for F.Y. 2020-21 and has deduction under chapter VI-A of ₹1,50,000. Loss to be carried forward by Mr. Ram for FY 2020-21 is:

• (a) Nil

• (b) ₹30,000

• © ₹1,50,000

• (d) ₹20,000

For the year ended 31st March, 2021, Paresh receives an annual salary of ₹2,80,000. Paresh’s contribution to employees’ recognized provident fund account is ₹59,000, and matching contribution has been made by the employer. Taxable income of Paresh will be:

• (a) ₹1,96,400

• (b) ₹2,06,400

• © ₹3,39,000

• (d) ₹2,80,000

An individual has made investments in the schemes approved u/ss 80C and 80CCD of ₹2,50,000 and ₹1,00,000 respectively during the year ended 31st March, 2021. Amount that can be claimed by him as deduction out of income in AY 2021-22 is:

• (a) 50% ofRS.3,50,000

• (b) ₹1,50,000 u/s 80C and ₹50,000 u/s 80CCD (1B)

• © ₹1,50,000

• (d) All of the above

Which section of the Income Tax Act provides deductions on certain investments and expenses?

• (a) Section 80D

• (b) Section 80G

• © Section 80C

• (d) Section 80U

Which section allows 100% tax deductions for donations to certain charitable institutions and funds?

• (a) Section 80G

• (b) Section 80GG

• © Section 80D

• (d) Section 80E

Which of the following investments are eligible for tax deductions under Section 80C?

• (i) Equity Linked Saving Scheme (ELSS)

• (ii) Public Provident Fund (PPF)

• (iii) National Savings Certificate (NSC)

• (iv) Fixed Deposit (FD)

Choose the correct option from the following:

• (a) Deductions are claimed from total income of the assessee.

• (b) The aggregate of deduction can exceed the gross total income, and the loss thus arising, is allowed to be set off.

• © The assessee has to claim deductions, they are not automatically allowed under the Income-tax Act, 1961.

• (d) Deductions are allowed on all types of incomes.

What is the maximum limit for deduction under Section 80C?

• (a) ₹1,00,000

• (b) ₹1,50,000

• © ₹2,00,000

• (d) ₹2,50,000