Match the items of List – I with the provisions of the Income-tax Act, 2025 in List – II List – IList –…
Chapter VIII of the Income-tax Act, 2025 (Deductions to be made in computing total income) replaces Chapter VI-A of the 1961 Act: (i) A deposit in the Public Provident Fund,…
Choose your answer
Match the items of List – I with the provisions of the Income-tax Act, 2025 in List – II
| List – I | List – II |
|---|---|
| (i) Amount deposited in the Public Provident Fund | (a) Section 138 |
| (ii) Profits and gains from undertakings engaged in infrastructure development | (b) Section 133 |
| (iii) Donation to the National Defence Fund | (c) Section 139 |
| (iv) Profits and gains of an undertaking engaged in the development of a Special Economic Zone | (d) Section 123 |
Answer and explanation
Correct answer B
Chapter VIII of the Income-tax Act, 2025 (Deductions to be made in computing total income) replaces Chapter VI-A of the 1961 Act:
(i) A deposit in the Public Provident Fund, being a provident fund set up and notified by the Central Government, qualifies under section 123 read with Schedule XV, paragraph 1(e) (formerly s.80C) – (d).
(ii) Profits of undertakings engaged in infrastructure development are deductible under section 138, which continues, for the remaining eligible years, the deduction computed as under s.80-IA of the 1961 Act – (a).
(iii) A donation to the National Defence Fund is deductible in full under section 133(1)(a)(i) (formerly s.80G) – (b).
(iv) Profits of an undertaking developing a Special Economic Zone are covered by section 139, which continues the deduction under s.80-IAB of the 1961 Act – (c).
Hence (i)-(d), (ii)-(a), (iii)-(b), (iv)-(c). The other codes swap sections 138 and 139, swap sections 133 and 139, or wrongly link the Public Provident Fund deposit to section 133.
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UGC NET Commerce