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.
According to the MSME policy, the startup status of a company ceases if its turnover exceeds ____ or it has completed ____ years from incorporation.
Which risk disclosures are mandatorily required for financial instruments?
Which of the following errors will not affect the trial balance?
A company pays goods transporters ₹2,00,000 but no GST invoice received so cannot claim input tax credit. The accounting effect on GST payable and exp...
Which of the following is shown under investing activities in the cash flow statement ?
ABC Ltd. issues debentures worth ₹5 lakh and uses ₹3 lakh of it to purchase fixed assets. What is the net effect on funds from operations in the fun...
Which is not a continuous audit technique?
Under marginal costing, which of the following cost will NOT be attributed to the product cost?
Which of the following scenarios correctly reflects the going concern assumption?
What is the Minimum Holding Period (MHP) requirement for loans with a tenor of up to 2 years before they can be transferred by the originator/transferor?
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