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    Question

    Which of the following statements is

    INCORRECT?
    A Daily allowance received by any person by reason of his membership of Parliament, or of any State Legislature, or of any Committee thereof is exempted. Correct Answer Incorrect Answer
    B The annual value in respect of any one palace, which is in the occupation of an ex-ruler, is exempted. Correct Answer Incorrect Answer
    C Share in the total income of the firm is taxable in the hands of a partner. Correct Answer Incorrect Answer
    D Any income received by any person on behalf of any Regimental Fund or Non-public Fund established by the armed forces of the Union for the welfare of the past and present members of such forces or their dependents is exempt. Correct Answer Incorrect Answer

    Solution

    The correct answer is C

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