Income Tax Deductions Quiz

Test your knowledge on tax deductions with these questions covering Section 80C, 80D, 24(b), and more. Prepare for tax season!

#1

Which of the following is a deductible expense under Section 80C of the Income Tax Act?

Home loan interest
Medical insurance premium
Personal loan interest
Credit card bills
#2

In the context of income tax, what does TDS stand for?

Tax Deducted at Source
Taxable Deductions System
Total Deduction Sum
Total Deposit Scheme
#3

What is the maximum limit for deduction under Section 80CCD(1B) for contributions to the National Pension Scheme (NPS)?

₹25,000
₹50,000
₹75,000
₹1,00,000
#4

Under Section 80GGA, what type of donations are eligible for a deduction?

Donations to religious institutions
Donations to political parties
Donations for scientific research or rural development
Donations for educational institutions
#5

Under Section 80TTA, what is the maximum amount of deduction allowed for interest earned on savings bank account?

₹5,000
₹10,000
₹15,000
₹20,000
#6

What is the maximum limit for deduction under Section 80D for premium paid towards health insurance for senior citizens?

₹15,000
₹20,000
₹30,000
₹50,000
#7

Under Section 24(b) of the Income Tax Act, what is the maximum deduction allowed on interest paid on home loans for a self-occupied property?

₹1,50,000
₹2,00,000
₹2,50,000
₹3,00,000
#8

Which of the following is NOT eligible for a deduction under Section 80C?

National Savings Certificate (NSC)
Equity-Linked Saving Scheme (ELSS)
Public Provident Fund (PPF)
Term Deposit
#9

Under Section 80G, what percentage of the donation made to eligible charitable institutions is deductible from the total income?

50%
75%
100%
125%
#10

Under Section 80U, what is the condition for claiming a deduction for a taxpayer with a disability?

Disability should be at least 40%
Disability should be at least 50%
Disability should be at least 60%
Disability should be at least 70%
#11

Which of the following is NOT eligible for a deduction under Section 80E for education loan interest?

Loan for higher education
Loan for vocational courses
Loan for spouse's education
Loan for children's education
#12

Which of the following is a condition for availing deduction under Section 10(14) for House Rent Allowance (HRA)?

Must own a house in the city of employment
Must live in a rented accommodation
Must not receive any salary
Must be self-employed
#13

Under which section of the Income Tax Act can an individual claim a deduction for donations made to approved charitable institutions?

Section 80C
Section 80D
Section 80G
Section 80E
#14

What is the maximum limit for claiming a standard deduction for salaried individuals under the Income Tax Act?

₹30,000
₹40,000
₹50,000
₹60,000
#15

Under Section 10(10D) of the Income Tax Act, which of the following is true regarding the maturity proceeds of a life insurance policy to be tax-free?

Policy term is less than 5 years
Premium paid is less than 10% of the sum assured
Policy is surrendered within 2 years
Sum assured is less than ₹5,00,000
#16

Under Section 54 of the Income Tax Act, what is the time limit for reinvesting the capital gains from the sale of a residential property to claim exemption?

6 months
1 year
2 years
3 years
#17

Which of the following is eligible for a deduction under Section 80DD for medical treatment of a dependent with a disability?

Spouse
Cousin
Sister-in-law
Father-in-law

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