What is the amount which is allowed as standard deduction under section 16 from Gross salary while computing the Income under head salary?
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 statements about Prompt Corrective Action is/are True?
I- Prompt Corrective Action F...
Consider the following statements regarding Phase II of the Swachh Bharat Mission (Grameen) [SBM (G)]
1) The program will be implemented ...
Which of the following Statements about Multiplier Effect is/are True?
I- When the government spends a rupee, overall income rises by a multiple ...
Which of the following Statements about IREDA is/are True?
I- It is registered as Non-Banking Financial Company (NFBC) with Reserve Bank of India...
Who among the following is not one of the eligible beneficiaries of PMUY?
What is the basic difference between Gross NPA and Net NPA?
I- Gross NPA is the total of Bank loans and Net NPA is the total of all kinds of loan...
When Government expenditure is more than income, through which of the following ways, it does the deficit financing?
(1) From Banks
(2) Fr...