Question
Consider the following statements regarding the purity
of bullion: 1) The purity of bullion is measured in carats. 2) The higher the carat value, the more impurities are present in the bullion. Which of the statements given above is/are correct?Solution
Statement 1 is incorrect as the purity of bullion is measured in fineness or millesimal fineness, not in carats. Statement 2 is also incorrect as the higher the carat value, the purer the gold, and not the other way around.
Income Tax is to be paid on which among the following, to the Income Tax Department?
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                       I.     ...
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