₹ 5 lakh is paid to Mr. Vallish, a resident individual on 15.1.2021 by the government on compulsory acquisition of his urban agricultural land.
A. No tax is deductible at source
B. Tax is deductible @1%
C. Tax is deductible @ 5%
D. Tax is deductible @ 10%
Answer:A
₹ 5 lakh is paid to Mr. Vallish, a resident individual on 15.1.2021 by the government on compulsory acquisition of his urban agricultural land.
A. No tax is deductible at source B. Tax is deductible @1% C. Tax is deductible @ 5% D. Tax is deductible @ 10%