Match List-I with List-II under the Income-tax Act, 2025. List-I (Income or receipt)List-II (Provision…
Under the Income-tax Act, 2025, agricultural income is not included in total income under section 11 read with Schedule II (Table: Sl. No. 1) (A-IV); compensation received…
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Match List-I with List-II under the Income-tax Act, 2025.
| List-I (Income or receipt) | List-II (Provision excluding or deducting it) |
|---|---|
| A. Agricultural income | I. Schedule III (Table: Sl. No. 11) |
| B. Amount received on voluntary retirement | II. Schedule II (Table: Sl. No. 3) |
| C. House rent allowance | III. Section 19 (Table: Sl. No. 12) |
| D. Payment from a provident fund to which the Provident Funds Act, 1925 applies | IV. Schedule II (Table: Sl. No. 1) |
Answer and explanation
Correct answer A
Under the Income-tax Act, 2025, agricultural income is not included in total income under section 11 read with Schedule II (Table: Sl. No. 1) (A-IV); compensation received on voluntary retirement is deductible from salary under section 19 (Table: Sl. No. 12), up to Rs. 5,00,000 (B-III); house rent allowance is excluded under Schedule III (Table: Sl. No. 11), to the prescribed extent, where the employee actually pays rent for accommodation he does not own (C-I); and payments from a provident fund to which the Provident Funds Act, 1925 applies are excluded under Schedule II (Table: Sl. No. 3) (D-II) (formerly s.10(1), 10(10C), 10(13A) and 10(11) of the 1961 Act respectively). Hence A-IV, B-III, C-I, D-II; every other combination mismatches at least two items.
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UGC NET Commerce