Question
Download Solution PDFMatch List I with List II
|
List I |
|
List II |
A. |
Section 10 (1) |
l. |
Amount received involuntary retirement |
B. |
Section 10 ( 10 C ) |
ll. |
Agricultural Income |
C. |
Section 10 ( 13 A ) |
lll. |
Leave Encashment |
D. |
Section 10 ( 10 AA ) |
lV. |
House Rent Allowance |
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is A ‐ ll, B ‐ l, C ‐ lV, D ‐ lll
Key Points The correct match is given below:
|
List I |
|
List II |
A. |
Section 10 (1) |
lI. |
Agricultural Income |
B. |
Section 10 (10 C) |
l. |
Amount received involuntary retirement |
C. |
Section 10 (13 A) |
lV. |
House Rent Allowance |
D. |
Section 10 (10 AA) |
lII. |
Leave Encashment |
Important Points Section 10 (1) of Income Tax Act 1961:
As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax.
Section 10 (10 C) of Income Tax Act 1961:
As per section 10(10C), any compensation received at the time of voluntary retirement or termination of service is exempt from tax.
Section 10 (13 A) of Income Tax Act 1961:
As per section 10(13A), read with rule 2A, the exemption in respect of HRA will be the lower of the following amounts:
- 50% of salary, when residential house is situated at Mumbai, Kolkata, Delhi or Chennai and 40% of salary where residential house is situated at any other place.
- HRA actually received by the employee in respect of the period during which rental accommodation is occupied by the employee during the previous year.
- Rent paid in excess of 10% of salary
Section 10 (10 AA) of Income Tax Act 1961:
As per section 10(10AA), leave encashment by a Government employee at the time of retirement (whether on superannuation or otherwise) is exempt from tax.
Last updated on Jun 6, 2025
-> The UGC NET Exam Schedule 2025 for June has been released on its official website.
-> The UGC NET Application Correction Window 2025 is available from 14th May to 15th May 2025.
-> The UGC NET 2025 online application form submission closed on 12th May 2025.
-> The June 2025 Exam will be conducted from 21st June to 30th June 2025
-> The UGC-NET exam takes place for 85 subjects, to determine the eligibility for 'Junior Research Fellowship’ and ‘Assistant Professor’ posts, as well as for PhD. admissions.
-> The exam is conducted bi-annually - in June and December cycles.
-> The exam comprises two papers - Paper I and Paper II. Paper I consists of 50 questions and Paper II consists of 100 questions.
-> The candidates who are preparing for the exam can check the UGC NET Previous Year Papers and UGC NET Test Series to boost their preparations.