Taxation · Income Tax Provisions

Consider the following statements for an individual taxpayer in India: Statement 1: A resident individual is eligible for a rebate under Section 87A if their total taxable income does not exceed 5,00,000 in the old tax regime. Statement 2: Income from a Life Insurance Policy is always exempt under Section 10(10D) regardless of the premium-to-sum-assured ratio or annual premium ceilings. Statement 3: A standard deduction of 50,000 is available to all salaried individuals and pensioners under the tax framework. Statement 4: For tax planning, gifting money to a spouse shifts the tax liability of the income generated from that gift to the spouse completely. Statement 5: Leave Travel Concession (LTC) can be claimed for two journeys in a block of four calendar years for the employee and family. Statement 6: Agricultural income is exempt under Section 10(1), but is considered for 'rate purposes' (partial integration) when taxing non-agricultural income. Statement 7: Every person whose total income exceeds the basic exemption limit must obtain and quote a Permanent Account Number (PAN). Choose the correct options.