Which of the following statements are incorrect?
1. Income tax is grouped in various slabs.
2. Income tax is not charged to progressive rate on increasing slabs of income.
3. A deemed assessee is liable to pay tax on behalf of another person.
4. Assessment year begins as on 1^st January of every year.
5. Certain amount of income tax is exempt from income tax.
Select the correct answer using the options given below

List out from the given statements the important ethical principles that a business should follow:
1. To take the necessary action for the development of the concerned industry or business
2. Pay taxes and discharge other obligations promptly
3. To ensure the best utilisation of the human resources
4. Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc.
5. Ensure payment of fair wages and fair treatment of employees

Entertainment allowance for non-government employees are:

In tax laws, donation to approved and notified association for scientific research is allowed as:

Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?