Q1 What are the investment options available for saving tax

a. Life Insurance

b. Medical or Health insurance

c. Investing in stock market

d. Both 1 and 2

Answer : Both 1 and 2

Q2 What is the maximum limit of investment in Insurance for which you can avail tax benefits

a. 100000

b. 135000

c. 75000

d. 200000

Answer : 135000

Exp : combined premium in life and health insurance can help you invest Rs. 1.35

Q3 In our life insurance policy you get tax benefits on

a. Amount invested

b. Interest earned

c. Maturity amount

d. All of the above

Answer : All of the above

Exp : Life Insurance gives you the benefit of saving tax at the time of investment and also enjoying tax-free maturity

Q4 What is the amount you can invest for medical insurance of your parents to avail of tax benefits

a. Rs 15,000

b. Rs 20,000

c. Rs. 10000

d. Either 1 or 2

Answer : Either 1 or 2

Exp : Depending on the age of the parent, premium paid towards health insurance of one’s parents vary & the same is deducted from taxable income

Q5 You do not have to pay tax if total income is ( For males <65 years of age )

a. Less then 2.5 lakhs

b. Less then1.80 lakhs

c. Less then 1.50 lakhs

d. Less then 1.95 lakhs

Answer : Less then 1.50 lakhs

Q6 Last date for filing tax returns for individuals is

a. 31 July

b. 31 March

c. 30 April

d. 15 December

Answer : 31 July

Q7 What is the maximum amount that can be saved by taking medical insurance policy

a. 20000

b. 30000

c. 35000

d. Either 2 or 3

Answer : Either 2 or 3

Exp : You can avail of tax benefits corresponding to an investment of Rs 15,000 on medical insurance for self, spouse and dependent children and additional Rs 15,000 for parents (20,000 if they are senior citizens).

Q8 When you invest in life insurance you get tax benefits under which deduction

a. 80C

b. 80D

c. 80G

d. 80E

Answer : 80C

Q9 What is surcharge percentage in case your taxable income exceeds Rs. 10 lakhs (individual)

a. 3 %

b. 10 %

c. 20 %

d. 30 %

Answer : 10 %

Q10 What are the benefits offered by life insurance

a. Tax benefits

b. Long term goal based savings

c. Protection

d. All of the above

Answer : All of the above