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Taxation of Interest Income: Deductions and Exemptions

Test your knowledge on the deductions and exemptions available for interest income taxation in India.

14 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

Which of the following is not a deductible expense for computing the taxable interest income?

  1. Interest paid on housing loan
  2. Interest paid on education loan
  3. Interest paid on personal loan
  4. Interest paid on car loan
Question 2 Multiple Choice (Single Answer)

Up to what amount is the interest income from bank deposits exempt from tax under section 80TTA?

  1. Rs. 10,000
  2. Rs. 50,000
  3. Rs. 1,00,000
  4. Rs. 2,00,000
Question 3 Multiple Choice (Single Answer)

Which of the following is not an eligible investment for claiming deduction under section 80C?

  1. Public Provident Fund (PPF)
  2. National Savings Certificate (NSC)
  3. Life Insurance Premium
  4. Fixed Deposit in a Bank
Question 4 Multiple Choice (Single Answer)

What is the maximum limit for claiming deduction under section 80EE for interest paid on housing loan?

  1. Rs. 50,000
  2. Rs. 1,00,000
  3. Rs. 1,50,000
  4. Rs. 2,00,000
Question 5 Multiple Choice (Single Answer)

Which of the following is not an eligible investment for claiming deduction under section 80D?

  1. Health Insurance Premium
  2. Medical Expenses for Self and Family
  3. Preventive Health Check-ups
  4. Yoga Classes
Question 6 Multiple Choice (Single Answer)

What is the maximum limit for claiming deduction under section 80G for donations to charitable institutions?

  1. 10% of Gross Total Income
  2. 20% of Gross Total Income
  3. 30% of Gross Total Income
  4. 50% of Gross Total Income
Question 7 Multiple Choice (Single Answer)

Which of the following is not an eligible investment for claiming deduction under section 80E?

  1. Interest on Education Loan
  2. Repayment of Principal Amount of Education Loan
  3. Tuition Fees for Higher Education
  4. Hostel Fees for Higher Education
Question 8 Multiple Choice (Single Answer)

What is the maximum limit for claiming deduction under section 80CCD(1B) for contribution to NPS?

  1. Rs. 50,000
  2. Rs. 1,00,000
  3. Rs. 1,50,000
  4. Rs. 2,00,000
Question 9 Multiple Choice (Single Answer)

Which of the following is not an eligible investment for claiming deduction under section 80CCG?

  1. Equity Shares of a Company
  2. Equity Oriented Mutual Funds
  3. Units of Infrastructure Bonds
  4. Gold Bonds
Question 10 Multiple Choice (Single Answer)

What is the maximum limit for claiming deduction under section 80U for disability?

  1. Rs. 50,000
  2. Rs. 1,00,000
  3. Rs. 1,50,000
  4. Rs. 2,00,000
Question 11 Multiple Choice (Single Answer)

Which of the following is not an eligible investment for claiming deduction under section 80DDB?

  1. Medical Expenses for Self
  2. Medical Expenses for Spouse
  3. Medical Expenses for Dependent Children
  4. Medical Expenses for Parents
Question 12 Multiple Choice (Single Answer)

What is the maximum limit for claiming deduction under section 80D for medical insurance premium?

  1. Rs. 25,000
  2. Rs. 50,000
  3. Rs. 75,000
  4. Rs. 1,00,000
Question 13 Multiple Choice (Single Answer)

Which of the following is not an eligible investment for claiming deduction under section 80GGA?

  1. Donations to Prime Minister's National Relief Fund
  2. Donations to National Fund for Calamity Relief
  3. Donations to Chief Minister's Relief Fund
  4. Donations to Political Parties
Question 14 Multiple Choice (Single Answer)

What is the maximum limit for claiming deduction under section 80GGC for donations to scientific research associations?

  1. 100% of the Donation Amount
  2. 150% of the Donation Amount
  3. 200% of the Donation Amount
  4. 250% of the Donation Amount
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