Question $3$

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An entity may be exempt from income tax. Which statement is correct?

An entity may be exempt from income tax. Which statement is correct?

a$.$ Only government bodies are exempt from tax.

b$.$ Exempt bodies are listed in separate tax legislation.

c$.$ Exempt bodies are government and not for profit bodies which must be granted an exemption.

d$.$ An entity is exempt as long as it does not charge fees for any of its services.