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What is your Tax Quotient [TQ]?

When is the best time of the year to start planning your taxes?
Beginning of Financial year
End of Financial year
In the middle of Financial year
Anytime in the year
The following are eligible for tax deduction of up to Rs.1.5 lakhs under Section 80C.
Corporate Bonds, Direct Equity, NPS Tier 2, Residential Plot Purchase.
EPF, PPF, NPS, ELSS, Tuition Fee, Principal Repayment on home loan, Stamp Duty and Registration charges etc.
Health Insurance, Interest paid on Education loan, Interest paid on housing loan.
Travel Insurance, Short-term FDs, Home insurance, Rent Paid
The health insurance policy you have taken for your parents who are Senior Citizens, helps you claim deductions of Rs…… under Section….
1 lakh under Section 80C
1.5 lakhs under Section 80G
50,000 under Section 80D
1 lakh under Section 80E
You can claim tax deduction under Section 80C for your life insurance policy only if
Premium paid per annum is above Rs. 1 lakh.
Sum Assured is greater than or equal to 20 times the annual premium paid.
You have mentioned the nominees.
You take a no-profits insurance plan.
You have to pay tax only on your income and not on sale of your assets such as real estate, shares, bonds etc.
True
False
If your home loan is less than Rs.35 lakhs and the value of your property is Rs.45 lakhs, then the total deduction you can claim on the interest paid on your housing loan is
Rs. 1.5 lakhs
Rs. 2 lakhs
Rs.2.5 lakhs
Rs. 1 lakh
If you are repaying an education loan, then the maximum amount for which you can claim tax deduction on the interest paid is
No Limit
Rs. 1 lakh
Rs. 2 lakhs
No deduction allowed.
An additional deduction of Rs……. is allowed for NPS Tier 1 investments under section 80CCD
Rs. 25,000
Rs. 50,000
Rs. 75,000
Rs. 80,000
Your donations to approved charities can be claimed as deduction under
Section 80A
Section 80D
Section 80E
Section 80G
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