Read the given statements and choose the correct option:
Statement 1: Agricultural income is exempt from tax under Section 10(1) of the Income Tax Act, 1961.
Statement 2: Tax on non-agricultural income in case non-agricultural income exceeds the basic exemption limit and agricultural income exceeds ₹5000 is determined by the scheme of partial integration of non-agricultural income with agricultural income.
Show Hint
- Only Statement 1 is true.
- Only Statement 2 is true.
- Both the Statements are correct.
- Both the Statements are incorrect.
The Correct Option is C
Solution and Explanation
Top Questions on Tax Law
- The term "Income" is described in the Income Tax Act, 1961 under:
- Mr. X deposits ₹65,000 in the term deposit of 5 years with the Post Office to avail tax deduction under Section 80C. Assuming Mr. X does not opt for concessional tax regime u/s 115BAC of the Income Tax Act, 1961. On the basis of the above problem, select the correct option.
- Rent-free accommodation provided by employer to employee is \(\underline{\hspace{1cm}}\).
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