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.
The Advertisement of a Prospectus of a company shall specify therein the _____________
“A legal mechanism used to resolve disputes through the aid of a neutral third party given the authority of making a legally binding decision.” Is: ...
In Islamic divorce law, what is the process of khula?
In which of the following cases can courts intervene in an arbitral proceeding?
Which section of the Companies Act lays down provisions relating to document containing offer of securities for sale to be deemed prospectus?
OASIS with reference to PFRDA Act stands for_____________
An act done by a person bound by law or by mistake of fact believing himself bound by law is:
In the absence of any provision by contract between the partners for the duration or determination of their partnership, what type of partnership is it?
A relevant confession becomes irrelevant when
As laid down under the Insurance Act the duration of the Executive Committee of the Life Insurance Council or the General Insurance Council is _________...
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