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Income Tax: Structure and Rates

This quiz covers income tax structure, rates, and various tax deductions under Sections 80C, 80D, 80E, 80G, 80GG, 80GGA, and 80U in India.

16 Questions Published
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Questions

Question 1 Multiple Choice (Single Answer)

What is the basic exemption limit for income tax in India for the financial year 2023-24?

  1. ₹2.5 lakhs
  2. ₹3 lakhs
  3. ₹4 lakhs
  4. ₹5 lakhs
Question 2 Multiple Choice (Single Answer)

What is the highest marginal income tax rate in India for the financial year 2023-24?

  1. 20%
  2. 30%
  3. 40%
  4. 42%
Question 3 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80C of the Income Tax Act, 1961?

  1. Life insurance premium
  2. Public Provident Fund (PPF) contribution
  3. National Pension System (NPS) contribution
  4. Fixed deposit interest
Question 4 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80C of the Income Tax Act, 1961?

  1. ₹1.5 lakhs
  2. ₹2 lakhs
  3. ₹2.5 lakhs
  4. ₹3 lakhs
Question 5 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80D of the Income Tax Act, 1961?

  1. Medical insurance premium
  2. Health check-up expenses
  3. Preventive health check-up expenses
  4. Hospitalization expenses
Question 6 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80D of the Income Tax Act, 1961?

  1. ₹25,000
  2. ₹50,000
  3. ₹75,000
  4. ₹1 lakh
Question 7 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80E of the Income Tax Act, 1961?

  1. Interest on education loan
  2. Principal repayment of education loan
  3. Tuition fees paid for children's education
  4. Hostel fees paid for children's education
Question 8 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80E of the Income Tax Act, 1961?

  1. ₹50,000
  2. ₹75,000
  3. ₹1 lakh
  4. ₹1.5 lakhs
Question 9 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80G of the Income Tax Act, 1961?

  1. Donations to charitable institutions
  2. Donations to political parties
  3. Donations to religious institutions
  4. Donations to educational institutions
Question 10 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80G of the Income Tax Act, 1961?

  1. 10%
  2. 20%
  3. 30%
  4. 50%
Question 11 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80GG of the Income Tax Act, 1961?

  1. Rent paid for residential accommodation
  2. Interest on housing loan
  3. Principal repayment of housing loan
  4. Stamp duty and registration charges paid for purchase of residential property
Question 12 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80GG of the Income Tax Act, 1961?

  1. ₹5,000
  2. ₹10,000
  3. ₹15,000
  4. ₹20,000
Question 13 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80GGA of the Income Tax Act, 1961?

  1. Rent paid for residential accommodation
  2. Interest on housing loan
  3. Principal repayment of housing loan
  4. Stamp duty and registration charges paid for purchase of residential property
Question 14 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80GGA of the Income Tax Act, 1961?

  1. ₹25,000
  2. ₹50,000
  3. ₹75,000
  4. ₹1 lakh
Question 15 Multiple Choice (Single Answer)

Which of the following is not a type of income tax deduction allowed under Section 80U of the Income Tax Act, 1961?

  1. Medical expenses incurred for self
  2. Medical expenses incurred for spouse
  3. Medical expenses incurred for children
  4. Medical expenses incurred for parents
Question 16 Multiple Choice (Single Answer)

What is the maximum amount of deduction allowed under Section 80U of the Income Tax Act, 1961?

  1. ₹75,000
  2. ₹1 lakh
  3. ₹1.5 lakhs
  4. ₹2 lakhs
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