Start learning →

LLM Tax Law Tax Law — practice questions

Explore 1 free Tax Law questions in LLM Tax Law Law. Open each question or exercise to read its content, reference answers and available explanation.

Practise Tax Law with Quill →

Tax Law questions and exercises with answers

Showing questions 1–1 of 1.

Section 80C ITA 1961 allows DEDUCTION from gross total income on specified investments and contributions up to a maximum of:Read the answer and worked solution →

Worked practice questions

Section 80C ITA 1961 allows DEDUCTION from gross total income on specified investments and contributions up to a maximum of:

  1. Rs 50,000
  2. Rs 2,00,000
  3. Rs 1,50,000
  4. Rs 5,00,000
Show answer and solution

Correct answer: C. Rs 1,50,000

1. Section 80C Income Tax Act 1961 allows deduction for investments and contributions: 2. (i) Life insurance premiums; 3. (ii) Public Provident Fund (PPF) contributions; 4. (iii) Employee Provident Fund (EPF) contributions; 5. (iv) National Savings Certificates (NSC); 6. (v) Tuition fees for children (up to 2 children); 7. (vi) Home loan principal repayment; 8. (vii) Equity-Linked Savings Scheme (ELSS) mutual funds; 9. (viii) Sukanya Samriddhi Yojana (for girl child); 10. (ix) Senior Citizens Savings Scheme; 11. (x) Other specified instruments. 12. MAXIMUM DEDUCTION under Section 80C: Rs 1,50,000 (raised from Rs 1 lakh in FY 2014-15). 13. Section 80CCC (pension funds) and Section 80CCD (NPS) together share this Rs 1.5 lakh limit, with additional Rs 50,000 for NPS under 80CCD(1B). 14. Hence option B is correct. _Source: CS Executive Paper 4 Tax Laws (ICSI BoS) + Income Tax Act 1961 + CGST Act 2017 — Income Tax Act 1961, Section 80C_

Open this question →

How to practise

  1. Choose a Tax Law question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.