Question

Is development tax exempt under section 16(ii) of income tax act india

Answer 1

Answer:

· Every employee or person doing business or profession in Punjab is liable to development tax if Taxable Income (Income after deduction of 80C etc) is above maximum exemption limit as per Income Tax Act i.e. Rs. 2,50,000/- at present. ... Income to be seen is of same year for which development tax is to be paid.