Question
Under the Income Tax Act, 1961, which of the following
incomes is fully exempt from tax in the hands of the individual taxpayer?Solution
As per Section 10(1) of the Income Tax Act, 1961, agricultural income is fully exempt from income tax under the Indian tax law. This exemption arises because agriculture is a state subject and agricultural income is not included in the purview of income tax for individuals. Other incomes such as salary, capital gains, and interest income are taxable under various sections of the Act.
Suppose we regress the dependent variable y on four independent variables x1, x2, x3, and x4. After running the regression on n = 16 observatio...
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Money income (m) of X is Rs.120 and the price of A (p) is Rs...
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B. It involves...
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Suppose we regress the dependent variable y on four independent variables x1, x2, x3, and x4. After running the regression on n = 16 observations, we ha...
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Which of the following applies to the physical linkage approach for the valuation of environmental benefits
The coefficient of regression of Y on X is byx = 1.2 , If A = (X-300)/4 and C = (Y-500)/6 find bCA
Which of the following statements are correct about trilemma in monetary policy
A. It is related to closed economy model.
B. It involves...
Two people enter a bus. Two adjacent cramped seats are free. Each person must decide whether to sit or stand. Sitting alone is more comfortable than sit...
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