Question

The Atal Pension Yojana (APY) is a contribution-based

Q: Answer-The Atal Pension Yojana (APY) is a contribution-based pension scheme. Which of the following stateme...

While contributions to APY are eligible for deductions under Section 80CCD, they are not fully exempt from income tax. The scheme follows similar tax benefits as NPS.

pension scheme. Which of the following statements incorrectly describes the tax benefits associated with APY contributions?

A Contributions to APY are eligible for tax deductions under Section 80CCD of the Income Tax Act.

B Contributions made to APY are fully exempt from income tax.

C The maximum deduction available for APY contributions is ₹50,000 under Section 80CCD(1B).

D APY contributions can be claimed as part of overall deductions under Section 80C and 80CCD.

E The tax benefits are similar to those available under the National Pension Scheme (NPS).

Practice Next

More Weekly Quiz Questions

The average dry matter requirement of desi cow is ____ during dry period and ____ during lactating period.
ICAR- Indian Institute of Rice Research is situated at
Which of the following is generally used for reclamation of soil acidity?
Which type of allelopathy affects plants growing in succession from the decaying residue of previous plants?
Which systemic fungicide is used as seed treatment to control loose smut disease of wheat?
Milk is deficit in which of the following element?
The headquarters directorate of Plant Protection, Quarantine and Storage (DPPQS) is located at which place?
What is the purpose of geographical indication (GI) tags in Uttar Pradesh's agricultural strategy?
The tissue responsible for growth and repair in plants is:
In cotton farming terminology, what does "Seed cotton" consist of?

The Atal Pension Yojana (APY) is a contribution-based

Solution