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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Priya sarda
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.