Test on income tax (IB9)

The premium under section 80D can be paid by an individual, for his dependent parents.


The quantum of deduction allowed under section 80D shall be limited to Rs. 1,00,000


The payment for insurance premium under section 80D should be made in cash only.


Where the medical insurance premium is paid to effect an insurance in relation to a senior citizen, the deduction allowed shall be Rs. 1,20,000.


Interest accrued on educational loan is allowed as deduction.







Description:

Introduction to taxation, Residential status, Scope of total income, Non-taxable income, Income from salary, Income from house property, Income from business and profession, Income from capital gain, Income from other sources, Deduction under chapter VI A, Clubbing of income, Computation of total income

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