Life Insurance and Taxation Benefits -Quiz

Life Insurance and Taxation Benefits -Quiz Test your Knowledge & get Free Prizes

Life insurance policy policy is the oldest and most claimed saving instrument under Income Tax act. All most all of us have one or two life insurance policies or even more .But many of us does not know the exact rules to claim the deduction/exemption under Income Tax Act.We have asked we question few questions on deduction of amount paid for Life insurance policy on our Simple Tax India Facebook Fan Page and have a very good response by followers on the same. So we have decided to extend the same for our blog readers.

There is General Perception to taxpayers that All premiums paid for Life Insurance is eligible for deduction under Income tax act .Further They also think that all sums received from Insurance Company against Life insurance Policy is exempted .

Moreover many persons are not claiming deduction for amount paid which is otherwise eligible for deduction under Income Tax . 

So we have created a Small Quiz on Deduction/ Exemption available under Income Tax Act for Life Insurance Policy . It will take hardly two minutes to fill this .

Every participate will be eligible to get free trading account from Leading brokerage firm.

Correct answer will be posted in Next week.

- See more at: http://www.simpletaxindia.net/2015/05/life-insurance-taxation-benefits-quiz.html#sthash.y9ighzW9.dpuf

LIFE INSURANCE & TAX BENEFITS -Quiz

Every participant is eligible to get Free Trading account opening with leading Brokerage company In India. click link http://rksv.in/landers/KD/?f=P6TO

*Required

Top of Form

Under Which Section deduction on payment of Life Insurance Premium available? *

Select one

• 80C
• 80E
• 80D
• 80CCD

What is the Maximum deduction you can avail on Life insurance Policy payment in Financial Year 2015-16? *

select one

• 50000
• 200000
• 100000
• 150000

Which of the following are eligible for deduction under Income Tax Act ? Life insurance premium paid for *

Tick all the correct options

• Wife in Govt.Job
• Married Daughter Not dependent
• Brother /Sister Dependent
• Major Son Not dependent
• Minor Son/Daughter
• Dependent Major Son
• Dependent Mother Father
• Brother /Sister Not depndent

Chitamani Paid Life insurance premium of Rs 8000 and Two month interest Rs 240 for late payment.How much Deduction he can claim ? *

• 8000
• 8240

Chitamani paid Life insurance premium of Rs 10000 and Rs 150 Service Tax.How much deuction he can claim? *

• 10150
• 10000

Life Insurance Policy Taken on :01.04.2013 Sum Assured :Rs 1,00,000 Annual Premium paid on 01.04.15:Rs 12000.How much deduction available in Fy 2015-16 *

• 0
• 100000
• 12000
• 10000

Life Insurance Policy Taken :01.04.2013 Sum Assured :Rs 1,00,000 Annual Premium payable :Rs12000. Whether Exemption on maturity u/s 10(10D) available *

• No
• Yes

Chitamoney taken a Pension Policy on 01.04.2015.Sum Assured :Rs 50,000 Annual Premium payable :Rs 50000 .How much deduction he can claim in Fy 2015-16? *

• Rs 50000
• Rs 5000
• Nil
• Rs 10000

Chitamani has Surrendered a Unit Linked Insurance Plan after paying four years Contribution in Fy 2015-16 *

Select One

• He is not eligible to claim deduction u/s 80C for Fy 2015-16
• Deduction claimed in Last 3 years is to be reversed and added back as Income in fy 15-16
• both of above
• none of above

Deduction u/s 80C will be reversed if Life insurance policy surrendered before contributing for .............years *

• No such restriction
• 3 years
• 2 year
• 1 year

Rate this Quiz *

	1	2	3	4	5	6	7	8	9	10
Bad											Good

Your Name *

Your Age *

• less than 25
• 25-34
• 35-45
• 45-55
• more than 55

Email address *

Sum assured of your all policies is -------number of time to your annual Annual Income. *

Sum assured divided by your annual Income

	0	1	2	3	4	5	6	7	8	9	10
No life Insurance taken												10 or more times

Do you want Free Trading Account *

• No
• Yes

Anything Else you want to say/Any suggestions/Errors