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Which of the following is exempt from income tax?

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Question: Which of the following is exempt from income tax?

Options:

  1. Agricultural income
  2. Salary
  3. Rental income
  4. Interest income

Correct Answer: Agricultural income

Solution: 

Agricultural income is exempt from income tax.

Which of the following is exempt from income tax?

Practice Questions

Q1
Which of the following is exempt from income tax?
  1. Agricultural income
  2. Salary
  3. Rental income
  4. Interest income

Questions & Step-by-Step Solutions

Which of the following is exempt from income tax?
  • 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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