MANAGEMENT

Detailed explanation-1: -Thus, corporations who are subject to a special corporate tax system do not fall within the coverage of the MCIT. These are as follows: Schools, hospitals, and income of Offshore Banking Units (OBUs), and Foreign Currency Deposit Unit (FCDU) from foreign currency transactions.

Detailed explanation-2: -This is called income tax. It includes income from salary, rent received from a property let out, sale of property, and interest earned from various investments. However, agricultural income is exempt from tax, and hence used by people to evade taxes.

Detailed explanation-3: -Income that is non-taxable is called as exempt income. Under Section 10, there are different sub-sections that define what kind of income is exempt from tax. This can range from agricultural to house rent allowance.

Detailed explanation-4: -Section 10(10CC) provides exemption only in respect of tax on non-monetary perquisites. In other words, this section does not provide exemption in respect of perquisites or tax paid on monetary perquisites. As per section 10(10D), any amount received under a life insurance policy, including bonus is exempt from tax.