Taxation Online Test

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.

Deduction for physical dependent relative is allowed irrespective of actual expenditure.

Deduction under section 80U in case of permanent physical disability is allowed to an individual who is citizen of india.

The quantum of maximum deduction allowed under section 80U is Rs. 50,000.

Deduction under section 80U shall be allowed only when the assessee is suffering from a permanent disability at the begining of the previous year.

In Budget 2012-13 Standard rate of central exercise duty maintained at 12%.

The Concessional central excise duty rate of 4% is being increased to 6% and thus all goods currently attracting 4% duty will now attract 6% unless otherwise specified

Exemptions from excise duty on Tooth Powder, is being withdrawn and concessional duty of 1% without CENVAT credit facility is being imposed on such good

Excise Duty on LEDs reduced to 5% Full exemption from basic Excise Duty granted to enzyme based preparation for pre-tanning

Additional Duty of Excise on High Speed Diesel Oil is leviable by the Finance Act, 1999. This is commonly known as road cess

The Central Board of Excise and Customs is the national agency responsible for administering Customs and Excise Laws in India

Central Excise duty is an direct tax levied on those goods which are manufactured in India and are meant for home consumption

Central Excise duty is an indirect tax levied on those goods which are manufactured in India and are meant for home consumption

In India, Central Excise Act, 1944 Act which lays down the law relating to levy and collection of Central Excise duty

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