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Which of the following is exempt from income tax?
Which of the following is exempt from income tax?
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Practice Questions
1 question
Q1
Which of the following is exempt from income tax?
Agricultural income
Salary
Rental income
Interest income
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Agricultural income is exempt from income tax.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is exempt from income tax?
Solution:
Agricultural income is exempt from income tax.
Steps: 5
Show Steps
Step 1: Understand what income tax is. Income tax is a tax that governments impose on individuals and businesses based on their income.
Step 2: Learn about different types of income. Income can come from various sources like salaries, business profits, and agricultural activities.
Step 3: Identify which types of income are taxable and which are not. Some types of income may be exempt from income tax.
Step 4: Recognize that agricultural income is one type of income that is often exempt from income tax in many countries.
Step 5: Conclude that if the question asks which income is exempt from tax, the answer is agricultural income.
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