Taxation · Income Tax Provisions
Consider the following statements regarding the Indian Income Tax framework: 1. 'Previous Year' refers to the financial year in which the income is earned, while 'Assessment Year' is the subsequent year. 2. Dividend income from domestic companies is taxable in the hands of shareholders at slab rates; Dividend Distribution Tax (DDT) has been abolished. 3. Section 80G deductions for donations exceeding 2,000 must be made in a non-cash mode. 4. Section 24b home loan interest deduction is available on an accrual basis. 5. Long-term capital losses can be set off against short-term capital gains. 6. Section 80EEA provides up to 1,50,000 additional deduction for affordable housing home loan interest. 7. Under the old tax regime, the basic exemption limit for a resident super senior citizen (age 80+) is 5,00,000. Which statement combination is correct?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
Share:
- 1All statements from 1 to 7 are correct
- 2Statements 2, 4, 6, and 7 are correct; Statements 1, 3, and 5 are incorrect
- 3Statements 1, 3, 5, and 7 are correct; Statements 2, 4, and 6 are incorrect
- 4Statements 1, 2, 3, 4, 6, and 7 are correct; Statement 5 is incorrect✓
Correct answer
Statements 1, 2, 3, 4, 6, and 7 are correct; Statement 5 is incorrect
Download Single Question PDF
Save this question and verified answer as a clean study sheet with live clickable link.
👥
Share with Friends & Study Groups
Challenge your peer aspirants on WhatsApp or Telegram to solve this question!
Online Test Series
Start Free Mock Test →Preparing for Taxation?
Practice full-length mock tests with real exam timers, instant score analysis, and all-India ranking.
Chapter Practice
Practice Income Tax Provisions MCQs →Want more practice questions on Income Tax Provisions?
Solve complete topic-wise tests with detailed solutions on GkGet.
Related Practice Questions
Recommended practice questions in Taxation · Income Tax Provisions