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Taxation of Pensions and Annuities: Exemptions and Deductions

This quiz will test your knowledge on the taxation of pensions and annuities, including exemptions and deductions.

15 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is exempt from income tax under Section 10(10A) of the Income Tax Act, 1961?

  1. Pension received from a recognized Provident Fund
  2. Pension received from a recognized Superannuation Fund
  3. Pension received from a recognized Gratuity Fund
  4. All of the above
Question 2 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCD(1B) of the Income Tax Act, 1961 for contributions made to a National Pension System (NPS) account?

  1. Rs. 10,000
  2. Rs. 15,000
  3. Rs. 20,000
  4. Rs. 25,000
Question 3 Multiple Choice (Single Answer)

Which of the following is not considered as a pension for the purpose of taxation under the Income Tax Act, 1961?

  1. Pension received from a recognized Provident Fund
  2. Pension received from a recognized Superannuation Fund
  3. Pension received from a recognized Gratuity Fund
  4. Family pension received from an employer
Question 4 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCD(2) of the Income Tax Act, 1961 for contributions made to an Atal Pension Yojana (APY) account?

  1. Rs. 1,000
  2. Rs. 2,000
  3. Rs. 3,000
  4. Rs. 4,000
Question 5 Multiple Choice (Single Answer)

Which of the following is not exempt from income tax under Section 10(10AA) of the Income Tax Act, 1961?

  1. Pension received from a recognized Provident Fund
  2. Pension received from a recognized Superannuation Fund
  3. Pension received from a recognized Gratuity Fund
  4. Pension received from a Central Government employee
Question 6 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCD(1) of the Income Tax Act, 1961 for contributions made to a Pension Fund of a Central Government employee?

  1. Rs. 10,000
  2. Rs. 15,000
  3. Rs. 20,000
  4. Rs. 25,000
Question 7 Multiple Choice (Single Answer)

Which of the following is not considered as an annuity for the purpose of taxation under the Income Tax Act, 1961?

  1. Annuity received from a recognized Life Insurance Policy
  2. Annuity received from a recognized Pension Plan
  3. Annuity received from a recognized Gratuity Fund
  4. Annuity received from a recognized Provident Fund
Question 8 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCC of the Income Tax Act, 1961 for contributions made to an Annuity Plan of a Life Insurance Company?

  1. Rs. 10,000
  2. Rs. 15,000
  3. Rs. 20,000
  4. Rs. 25,000
Question 9 Multiple Choice (Single Answer)

Which of the following is not exempt from income tax under Section 10(10D) of the Income Tax Act, 1961?

  1. Pension received from a recognized Provident Fund
  2. Pension received from a recognized Superannuation Fund
  3. Pension received from a recognized Gratuity Fund
  4. Pension received from a State Government employee
Question 10 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCD(3) of the Income Tax Act, 1961 for contributions made to a Pension Fund of a State Government employee?

  1. Rs. 10,000
  2. Rs. 15,000
  3. Rs. 20,000
  4. Rs. 25,000
Question 11 Multiple Choice (Single Answer)

Which of the following is not considered as a pension for the purpose of taxation under the Income Tax Act, 1961?

  1. Pension received from a recognized Provident Fund
  2. Pension received from a recognized Superannuation Fund
  3. Pension received from a recognized Gratuity Fund
  4. Pension received from a recognized Pension Plan
Question 12 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCD(4) of the Income Tax Act, 1961 for contributions made to a Pension Plan of a Public Sector Company?

  1. Rs. 10,000
  2. Rs. 15,000
  3. Rs. 20,000
  4. Rs. 25,000
Question 13 Multiple Choice (Single Answer)

Which of the following is not exempt from income tax under Section 10(10C) of the Income Tax Act, 1961?

  1. Pension received from a recognized Provident Fund
  2. Pension received from a recognized Superannuation Fund
  3. Pension received from a recognized Gratuity Fund
  4. Pension received from a recognized Pension Plan
Question 14 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80CCD(5) of the Income Tax Act, 1961 for contributions made to a Pension Plan of a University or Educational Institution?

  1. Rs. 10,000
  2. Rs. 15,000
  3. Rs. 20,000
  4. Rs. 25,000
Question 15 Multiple Choice (Single Answer)

Which of the following is not considered as an annuity for the purpose of taxation under the Income Tax Act, 1961?

  1. Annuity received from a recognized Life Insurance Policy
  2. Annuity received from a recognized Pension Plan
  3. Annuity received from a recognized Gratuity Fund
  4. Annuity received from a recognized Provident Fund
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