Monika posted an Question
September 11, 2021 • 22:18 pm 10 points
  • UGC NET
  • Commerce

(c) 1, 2 and 4 taxable (d) 1, 2 and 3 taxable ct? for 29 which one of the following incomes is/are taxable? 1. a local authority has earned income from the supp

(c) 1, 2 and 4 Taxable (d) 1, 2 and 3 Taxable ct? for 29 Which one of the following incomes is/are taxable? 1. A local authority has earned income from the supply of water or electricity outside its own jurisdictional area. 2. An income under the head capital gain to a local : in authority. try 3. A daily allowance received by a Member of Parliament 4. Income arising from the transfer of units of the Unit Trust of India or of mutual fund covered under Section 10 (23 D). it

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  • Priya sarda best-answer

    option 1 and 2 are taxable. rest are tax exempted. Section 10(23D) of the Income Tax Act provides that any income earned by a Mutual Fund registered under the SEBI Act, 1992 or the Regulations made thereunder, shall not be included in computing its total income of a previous year. According to Section 10 (17) of the Income Tax Act, the following allowances are exempt from tax in the hands of a Member of Parliament: Daily allowance received by a Member of Parliament or by a Member of State Legislature or by member of any committee thereof.

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