CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Tax Rates Depending on Age of Individual

No tax is lev...

Question

No tax is levied up to a certain limit of taxable income. This is called ______.

A

threshold income

No worries! We‘ve got your back. Try BYJU‘S free classes today!

B

basic exemption limit

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

C

poverty line

No worries! We‘ve got your back. Try BYJU‘S free classes today!

D

secondary income

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is B basic exemption limit
No tax is levied up to a certain limit of taxable income.
This is called Basic exemption limit.

Suggest Corrections

thumbs-up

0

Similar questions

Compute the income tax payable by following individuals.

(i) Mr. Kadam who is 35 years old and has a taxable income of Rs. 13,35,000.

(ii) Mr. Khan is 65 years of age and his taxable income is Rs. 4,50,000.

(iii) Miss Varsha (Age 26 years) has a taxable income of Rs. 2,30,000.

Q. Compute the income tax of Miss Varsha (Age 26 years) and she has a taxable income of Rs. 2,30,000.

Q. In India, a tax on agricultural income can be levied by _______.

Q. A tax payer is exempted of income tax for the first Rs.

100000

of his annual income but for the rest of the income he has to pay a tax at the rate of

20 %

. If he paid Rs.

3160

as income tax for a year his monthly income is

Q. Consider the following terms and the variables assigned to them :
Gross Total Income = G
Basic Exemption Limit = B
Taxable Income = T
Deductions (under 80C, 80G) = D

Which of the following expresses the relation among the above variables?

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Tax Rates Depending on Age of Individual

MATHEMATICS

Watch in App

explore_more_icon

Explore more

Tax Rates Depending on Age of Individual

Standard IX Mathematics

Join BYJU'S Learning Program

CrossIcon