Income Heads Quiz

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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?

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?

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?

Agricultural income and interest from bank deposits Signup and view all the answers

Under which section of the Income-tax Act is agricultural income defined?

Section 2(1A) Signup and view all the answers

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. Signup and view all the answers

What type of income is charged under the head 'profits and gains of business or profession'?

Income from capital gains Signup and view all the answers

Which type of income is taxed based on the difference between income received and expenses incurred?

Income from Business or Profession Signup and view all the answers

What type of income includes profit or gain arising from transfer of capital assets like house or jewelry?

Income from Business or Profession Signup and view all the answers

Which income source does not fall under the head 'profits and gains of business or profession'?

Income from Salary Signup and view all the answers

Who are the exceptions to Assessment Year under the Income Tax Act?

Shipping business of non-residents Signup and view all the answers

How is an assessee defined under the Income Tax Act, 1961?

An individual who earns income and pays taxes Signup and view all the answers

Which income is considered as negative income if you have a home loan?

Income from House property Signup and view all the answers

What is the classification of assessee under the Income Tax Act, 1961?

Normal Assessee, Representative Assessee, Deemed Assessee, Assessee's Representative Signup and view all the answers

Which type of income is charged under the head 'income from other sources'?

Income from capital gains Signup and view all the answers

What does the term 'person' refer to in the Income Tax Act?

Any entity liable to pay taxes Signup and view all the answers

Which section of the Income Tax Act defines 'person'?

Section 2(31) Signup and view all the answers

Who falls under the category of 'assessee' according to Section 2(7) of the Income Tax Act?

Individuals paying taxes for others Signup and view all the answers

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