Taxation Online Test

Deduction under section 80D in respect of medical insurance premium is allowed to any person who is resident in india.


Deduction u/s 80D is allowed only if the premium is paid to life insurane corporation.


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.


Deduction u/s 80C in respect of LIP, contribution to provident fund, etc., is allowed to any assessee.


Contribution made u/s 80CCC should be out of his taxable income


The annual interest accrued on NSCs VIII issue shall be taxable as income from other soures and it is also eligible for deduction u/s 80C


Deduction u/s 80C in respect of tuition fee is allowed to the maximum extent of Rs. 10,000 per child for maximum of 2 children


Deduction u/s 80C in respect of tution fee is allowed to an individual for any number of his children.


For claiming deduction u/s 80C, for life insurance premium if the payment is made by the assessee for his child, then the child must be minor dependent and unmarried.


For claiming deduction u/s 80C in respect of PPF, the cotribution must be paid by the individual in the PPF. account himself only.


An assessee has paid life insurance premium of Rs. 1,05,000 during the previous year for a policy of Rs. 5,00,000. He shall be allowed deduction for the entire premium as per the provisions of section 80C.


For claiming deduction u/s 80C in respect of LIC, premium can be paid by assessee for himself, spouse and any child.


Deduction u/s 80C is allowed from gross total income.

















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