Q. Which of the following is / are correct statements with respect to salary /emoluments of President of India?

1. The salary of President is charged from the Consolidated Fund of India
2. The salary of President is exempted from Income Tax under the Income Tax Act

Select the correct answer from the codes given below:
Answer: Only 1 is correct
Notes: The President’s Emoluments Pensions Act of 1951 outlines the President's salary, emoluments, and post-retirement benefits, funded by the Consolidated Fund of India. The President must pay income tax on their salary, as it is not exempt under the Income Tax Act or the 1951 Act. However, if the President surrenders their salary to the Consolidated Fund, they are exempt from income tax per the Voluntary Surrender of Salaries (Exemption of Taxation) Act, 1961. This tax exemption also applies to anyone surrendering their salary to any government-administered fund.