An assessee, being an individual resident in India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for an assessment year, of an amount equal to 100% of such income-tax
CS Executive · Tax Laws and Practice · PYQS · December 2014
An assessee, being an individual resident in India, is entitled to a deduction, from the amount of income-tax on his total income which is chargeable for an assessment year, of an amount equal to 100% of such income-tax or a lesser amount. The maximum amount of total income qualifying for such deduction and the maximum amount of deduction so available is —
Answer & Explanation:
Correct Answer: Option (A)
Correct answer: (A) ₹5 lakh and ₹2,000 respectively. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.
Topics: Income Tax Act, 1961
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