Question
What is the amount which is allowed as standard
deduction under section 16 from Gross salary while computing the Income under head salary?Solution
Section 16 of the Income Tax Act allows a standard deduction of Rs. 50,000 from the gross salary of an employee. This deduction is available to all salaried employees, irrespective of their income or deductions claimed under other sections. The standard deduction is a flat deduction, which means that it is not dependent on the actual expenses incurred by the employee. It is a way of providing a basic level of tax relief to all salaried employees.
Which of the following is not treated as 'promissory note' as per Section 4 of the Negotiable Instrument Act, 1881?
A signed the instrument in fo...
As per IPC what is the punishment for concealing with intent to facilitate design to wage war?
All sums realised by way of penalties under the SEBI Act shall be credited to the __________________
Whoever, with the deliberate intention to wound religious feelings of any person. utter words or make any sound is liable for punishment under of the I...
________________ in India is known as the court of record
Under which Article the definition of state include the government and parliament of India, Government and Legislature of State and all local authoriti...
The Schedule of Limitation Act, 1963 contains-
Which of the following is NOT a general exception under chapter 4 of Indian Penal Code?
Article 16(4) refers to
Under the Prevention of Money-Laundering Act, 2002 the Central Government, in consultation with the ________________, shall, for trial of offence punish...
Relevant for Exams:
