5 Questions
Which of the following is NOT a form of income mentioned in the text?
Dividends received from stocks
What are the requisites for income to be taxable?
There must be gain; it must be realized or received; it must not be exempted by law
In the given scenario, if the borrower pays back the borrowed amount without any interest, is there any taxable gain?
No, there is no taxable gain
If the borrower agrees to pay back the borrowed amount plus interest after a certain period of time, is the interest considered taxable income?
Yes, the interest is considered taxable income
What is the main factor that determines whether income is taxable or not?
The source of income
Test your knowledge on income definitions, taxable income, different forms of income, and illegal income. This quiz will help you understand the concepts and regulations surrounding income.
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