Assertion (A):    Among all methods of charging depreciation of fixed assets, diminishing balance method is the best method Reasoning (R): Diminishing balance method of charging depreciation has been permitted under the Income Tax Act, 1961 for claiming deduction for depreciation

List-I List-II a) Sec 6 (i) i) Agriculture income b) Sec 10 AA ii) Leave travel concession c) Sec 10 (i) iii) Resident d) Sec 10 (5) iv) Leave salary

List-I List-II a) 80TTA i) Deduction in respect of payment of interest on loan taken for higher education b) 80CCD ii) Deduction in respect of payment of interest on loan taken for residential house property. c) 80E iii) Deduction in respect of payment of interest on deposits in savings account d) 80EE iv) Deduction in […]

Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning. Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax  

Municipal Value Rs. 450000 Fair Rental Value Rs. 500000 Standard Rent Rs. 480000 Actual Rent Rs. 420000