JAIIB AFM Important Questions Module D MCQs: JAIIB stands for Junior Associate of the Indian Institute of Bankers, one of the flagship programs. For the banking professionals this exam is conducted twice a year by IIBF (Indian Institute of Banking and Finance). The main objective of the JAIIB exam is to provide IIBF members with the advanced knowledge needed to make better decisions, including risk management, asset management, credit management, international banking, balance sheet management, financial analysis, etc. For banking professionals, we have provided JAIIB AFM MCQs 2025 Module D Questions.
Q1. Section 80C is one of the most popular and favourite sections amongst taxpayers as it allows them to reduce taxable income by making tax-saving investments or incurring eligible expenses. What are the Eligible investments for tax deductions u/s 80C?
A. Life Insurance PremiumQ2. The deduction is covered under 80QQB of the Income Tax Act, 1961 included in Royalty Income is ________?
A. Any Income earned by an author for practicing his professionQ3. Under Section 194A, the rate of TDS on premature deduction (amount of withdrawal is more than 50,000) from Employees Provident Fund is ______
A. 5%Q4. What is the threshold limit to deduct TDS @10% U/s 194A (Interest earned on FD) for individuals other than senior citizens?
A. 10000Q5. What are the maximum exemptions limit under Section 80C of the Income Tax Act, 1961?
A. Rs. 50,000Q6. Which of the following statements about direct and indirect taxes is incorrect?
A. Direct taxes can be shifted from one individual to another while indirect taxes are paid directly by the taxpayer.Q7. Section 80U offers tax benefits if an individual suffers a disability, while section ___________ offers tax benefits if an individual taxpayer's dependent family members(s) suffers from a disability.
A. Section 80UAQ8. What is the key difference between the financial year (FY) and assessment year (AY)?
A. The FY is the year in which income is assessed and taxed while the assessment year is the year in which income is earned.Q9. Under Section 80U, disability has been defined as of the following:
A. Blindness B. Hearing impairment C. Mental Illness D. All the above Ans: D. All the aboveQ10. Which of the following is requirements to claim deductions under Sections 80U?
A. There isn't any documentation requirement apart from the certificate certifying the disability from a recognised medical authority in Form 10-IA.Q11. Royalties received against a Patent comes under which section of the Income Tax Act 1961?
A. Sec 80 QQB