Deductions from gross total income primarily aim to ___ taxable income.

Reduce

True or False: Only the assessee is entitled to claim deductions from gross total income under Section 80A.

True

Fill in the blank: Deductions for medical insurance premiums can be claimed under Section ___ and can amount to up to ₹25,000.

80D

True or False: Deductions claimed after the tax return deadlines are still valid under sections 80 IA to 80 U.

False. Deductions claimed after deadlines are not valid.

What are the two main parts of the deduction process outlined in the Income Tax Act?

Deductions capped at ₹1,50,000 and Additional Deductions.

Under Section 80E, individuals can claim deductions for interest paid on loans for ___ education.

Higher

Fill in the blank: Contributions made to the National Pension Scheme are deductible under Section ___ and can provide additional benefits.

80CCD

What is the maximum deduction limit for donations made to approved charitable institutions under Section 80G?

It ranges from 50% to 100%, depending on the institution.

True or False: Deductions for specified diseases are available under Section 80DDB, irrespective of the age of the individual.

False. The limits vary based on age and disability.

What types of investments qualify for deductions capped at ₹1,50,000?

Public Provident Fund, Employee Provident Fund, Life Insurance Premiums, and National Savings Certificate, among others.

Fill in the blank: An additional deduction of up to ₹50,000 is allowed under Section ___ for contributions to pension funds.

80CCD (1b)

What documentation must an assessee provide to substantiate their claims for deductions from gross total income?

All relevant documentation and evidence supporting their eligibility for deductions.

True or False: The total income for determining deductions must always be a non-negative value after all deductions are applied.

True