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Questions and Answers
Which of the following is NOT included in the classification of 'income' according to Section 17 of the Income Tax Act?
Which of the following is NOT included in the classification of 'income' according to Section 17 of the Income Tax Act?
- Annuities
- Emoluments
- Gains or profits from any business
- Dividends (correct)
What is the definition of 'income' for tax purposes according to the text?
What is the definition of 'income' for tax purposes according to the text?
- A tax on emoluments
- A tax on gains or profits
- A tax on a person's income (correct)
- A tax on transactions or things
Why is it not possible to exhaustively define the term 'income' according to the text?
Why is it not possible to exhaustively define the term 'income' according to the text?
- Because the term 'income' has multiple meanings (correct)
- Because the term 'income' is too broad to define
- Because the Income Tax Act does not provide a definition
- Because the term 'income' is not relevant for tax purposes
What is the significance of knowing the definition of 'income' for tax purposes?
What is the significance of knowing the definition of 'income' for tax purposes?
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Which legislation provides a classification of what is included in the term 'income'?
Which legislation provides a classification of what is included in the term 'income'?
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