Podcast
Questions and Answers
What is the definition of agricultural income according to the Income-tax Act?
What is the definition of agricultural income according to the Income-tax Act?
- Income from stock market investments
- Income from any source in India
- Income from renting out residential properties
- Income from land used for agricultural purposes (correct)
Which activities fall under agricultural income as per the Income-tax Act?
Which activities fall under agricultural income as per the Income-tax Act?
- Income from agricultural operations and processing of produce (correct)
- Income from medical practice
- Income from software development
- Income from construction business
What is the characteristic of exempt incomes according to the text?
What is the characteristic of exempt incomes according to the text?
- Exempt incomes are not chargeable to tax. (correct)
- Exempt incomes are taxed at a higher rate.
- Exempt incomes are always included in total income for tax calculation.
- Exempt incomes are not disclosed to tax authorities.
Which of the following examples are considered as exempt incomes?
Which of the following examples are considered as exempt incomes?
Under which section of the Income-tax Act is agricultural income defined?
Under which section of the Income-tax Act is agricultural income defined?
What is the main difference between exempt incomes and taxable incomes?
What is the main difference between exempt incomes and taxable incomes?
What type of income is charged under the head 'profits and gains of business or profession'?
What type of income is charged under the head 'profits and gains of business or profession'?
Which type of income is taxed based on the difference between income received and expenses incurred?
Which type of income is taxed based on the difference between income received and expenses incurred?
What type of income includes profit or gain arising from transfer of capital assets like house or jewelry?
What type of income includes profit or gain arising from transfer of capital assets like house or jewelry?
Which income source does not fall under the head 'profits and gains of business or profession'?
Which income source does not fall under the head 'profits and gains of business or profession'?
Who are the exceptions to Assessment Year under the Income Tax Act?
Who are the exceptions to Assessment Year under the Income Tax Act?
How is an assessee defined under the Income Tax Act, 1961?
How is an assessee defined under the Income Tax Act, 1961?
Which income is considered as negative income if you have a home loan?
Which income is considered as negative income if you have a home loan?
What is the classification of assessee under the Income Tax Act, 1961?
What is the classification of assessee under the Income Tax Act, 1961?
Which type of income is charged under the head 'income from other sources'?
Which type of income is charged under the head 'income from other sources'?
What does the term 'person' refer to in the Income Tax Act?
What does the term 'person' refer to in the Income Tax Act?
Which section of the Income Tax Act defines 'person'?
Which section of the Income Tax Act defines 'person'?
Who falls under the category of 'assessee' according to Section 2(7) of the Income Tax Act?
Who falls under the category of 'assessee' according to Section 2(7) of the Income Tax Act?
