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Income-tax and Corporate Tax Planning MCQ - Income Tax and Corporate Tax Planning Section 3

26 Gross Total Income is arrived after_________________.

A
Only adding Income under five heads of Income
B
Adding Income under five heads of Income excluding losses
C
Adding Income under five heads of Income, after applying clubbing provisions and making adjustment of set-off and carry forward of losses
D
Adding Income under five heads of Income, after applying clubbing provisions and making adjustment of set-off and carry forward of losses and after allowing deduction under sections 80C to 80U

27 In Income Tax Act, 1961, deduction under sections 80C to 80U cannot exceed___________.

28 The maximum aggregate amount of deduction under sections 80C, 80CCC and 80CCD cannot exceed___________.

29 Deduction in respect of contribution to a political party will___________.

30 The maximum amount of deduction in case of a person with a severe disability under section 80U will be_________.

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Question:

The income of minor is not clubbed to the following limit:

A. 1,500
B. 10,000
C. 1,000
D. Whole amount

Correct answer: C

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