THE ROAD TO REVOLUTION 1700 1774
THE BOSTON TEA PARTY INTOLERABLE ACTS FIRST CONTINENTAL CONGRESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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social
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economic
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political
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None of the above
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Detailed explanation-1: -Taxes are most commonly classified as either direct or indirect, an example of the former type being the income tax and of the latter the sales tax.
Detailed explanation-2: -Any political party as per Section 13A is required to furnish return of income under Section 139(4B) if its income exceeds maximum amount not chargeable to tax (limit is computed before taking into consideration Section 13A exemption).
Detailed explanation-3: -These are as under: Salary: The salary and allowances received by the Members are taxed under the head “Income from Other sources”. Since the salary and allowances are taxed under the head “Income from Other sources”, such salary and allowances would not be subjected to Tax Deduction at Source (TDS).
Detailed explanation-4: -Under Section 13A of the Income Tax Act, political parties are exempt from paying Income Tax but are required to file their Income Tax returns annually to the Income Tax Department.