BUSINESS ADMINISTRATION
ENTREPRENEURIAL DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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6% p.a.
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6% p.m.
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5% p.a
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5% p.a.
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Detailed explanation-1: -Income-Tax Act: Deduction under S. 80J. Section 80J of the Income-tax Act, 1961, as the marginal note says, provides for deduction in respect of profits and gains from newly established industrial undertakings or ships or hotel business in certain cases.
Detailed explanation-2: -Under section 80J of the Income Tax Act 1961, new industrial undertakings, including small-scale industries, are exempted from the payment of income-tax on their profits subject to a maximum of 6% per annum of their capital employed.
Detailed explanation-3: -As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax.
Detailed explanation-4: -That means that your net pay will be ₹ 88, 000 per year, or ₹ 7, 333 per month. Your average tax rate is 12.0% and your marginal tax rate is 12.0%. This marginal tax rate means that your immediate additional income will be taxed at this rate.
Detailed explanation-5: -Income Tax Exemption Limit The basic exemption limit for individuals below the age of 60 years is Rs.2.50 lakhs. For senior citizens the exemption limit is Rs.3 lakhs and for very senior citizen who are above 80 years, it is Rs.3.50 lakhs.