What do you mean by Net Asset Value ( NAV ) in Mutual Funds?
Net Asset Value can be defined as the price per unit of a mutual fund. It represents the worth of each unit owned by an investor.
NAV is calculated by :
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What do you mean by regressive method of taxation?
A regressive tax is a method of taxation in which the rate of taxation is applied uniformly, and thus it affects low-income earners more when compared to high-income earners.
A regressive tax is generally indirect in nature.
It is that type of taxation that takes a larger percentage of the income for low-income earners than high-income earners.
What does it mean by clubbing of income?
Clubbing of income indicates the process in which the income of another person is included in the assessee’s total income. Section 64 of the Income Tax Act of 1961 deals with the clubbing of income.
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Clubbing of income simply means adding or including another person’s income to one’s own. It is generally practiced for tax considerations in order to simplify the process or obtain any benefits.
What are the different types of GST registration?
The different types of Goods and Service Tax ( GST ) registration are as follows:.
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Is agricultural income exempt from income tax in India?
Yes, as agriculture is a primary occupation in our country, agricultural income is exempt from income tax. Under Section 10(1) of the Income Tax Act, 1961, agricultural income is exempt from taxation.
This is considered a significant incentive provided by the government to promote the agricultural industry.
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