18 Questions
What is the definition of agricultural income according to the Income-tax Act?
Income from land used for agricultural purposes
Which activities fall under agricultural income as per the Income-tax Act?
Income from agricultural operations and processing of produce
What is the characteristic of exempt incomes according to the text?
Exempt incomes are not chargeable to tax.
Which of the following examples are considered as exempt incomes?
Agricultural income and interest from bank deposits
Under which section of the Income-tax Act is agricultural income defined?
Section 2(1A)
What is the main difference between exempt incomes and taxable incomes?
Taxable incomes are included in total income for tax calculation while exempt incomes are not.
What type of income is charged under the head 'profits and gains of business or profession'?
Income from capital gains
Which type of income is taxed based on the difference between income received and expenses incurred?
Income from Business or Profession
What type of income includes profit or gain arising from transfer of capital assets like house or jewelry?
Income from Business or Profession
Which income source does not fall under the head 'profits and gains of business or profession'?
Income from Salary
Who are the exceptions to Assessment Year under the Income Tax Act?
Shipping business of non-residents
How is an assessee defined under the Income Tax Act, 1961?
An individual who earns income and pays taxes
Which income is considered as negative income if you have a home loan?
Income from House property
What is the classification of assessee under the Income Tax Act, 1961?
Normal Assessee, Representative Assessee, Deemed Assessee, Assessee's Representative
Which type of income is charged under the head 'income from other sources'?
Income from capital gains
What does the term 'person' refer to in the Income Tax Act?
Any entity liable to pay taxes
Which section of the Income Tax Act defines 'person'?
Section 2(31)
Who falls under the category of 'assessee' according to Section 2(7) of the Income Tax Act?
Individuals paying taxes for others
Test your knowledge on the broad heads of income, including income from salary and house property. Understand the criteria for each income head and learn about the components that fall under each category.
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