Questions and Answers
Under which section of the Income Tax Act is the term 'person' defined?
Section 2
At what turnover does an assessee carrying on business need to get accounts audited compulsorily?
$10,00,000
What is the term for the year in which income is earned?
Assessment year
What is the maximum number of children for which education allowance is exempted?
Signup and view all the answers
At what percentage of Net Annual Value (NAV) is standard deduction allowed?
Signup and view all the answers
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).
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
