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Questions and Answers
Under which section of the Income Tax Act is the term 'person' defined?
Under which section of the Income Tax Act is the term 'person' defined?
- Section 3
- Section 2 (correct)
- Section 4
- Section 5
At what turnover does an assessee carrying on business need to get accounts audited compulsorily?
At what turnover does an assessee carrying on business need to get accounts audited compulsorily?
- $15,00,000
- $10,00,000 (correct)
- $5,00,000
- $20,00,000
What is the term for the year in which income is earned?
What is the term for the year in which income is earned?
- Fiscal year
- Calendar year
- Assessment year (correct)
- Financial year
What is the maximum number of children for which education allowance is exempted?
What is the maximum number of children for which education allowance is exempted?
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At what percentage of Net Annual Value (NAV) is standard deduction allowed?
At what percentage of Net Annual Value (NAV) is standard deduction allowed?
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Study Notes
Income Tax Definitions
- The term 'person' is defined under Section 2(31) of the Income Tax Act.
Audit Requirements
- An assessee carrying on business needs to get accounts audited compulsorily if the turnover exceeds ₹1 crore.
Taxation Periods
- The year in which income is earned is referred to as the 'previous year'.
Exemptions
- Education allowance is exempted for a maximum of two children.
Standard Deduction
- Standard deduction is allowed at 30% of the Net Annual Value (NAV).
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