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Which of the following is NOT a type of income exempt from tax under Section 10
Which of the following is NOT a type of income exempt from tax under Section 10 of the Income Tax Act?
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Practice Questions
1 question
Q1
Which of the following is NOT a type of income exempt from tax under Section 10 of the Income Tax Act?
Agricultural income
Dividend income from Indian companies
Interest on savings bank account
Income from lottery
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Income from lottery is taxable and not exempt under Section 10.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is NOT a type of income exempt from tax under Section 10 of the Income Tax Act?
Solution:
Income from lottery is taxable and not exempt under Section 10.
Steps: 5
Show Steps
Step 1: Understand what Section 10 of the Income Tax Act is. It lists types of income that are not taxed.
Step 2: Identify different types of income that are exempt from tax under Section 10, such as agricultural income, certain gifts, and scholarships.
Step 3: Look at the options given in the question to see which type of income is listed.
Step 4: Check if 'income from lottery' is mentioned in the options. If it is, remember that it is taxable.
Step 5: Conclude that 'income from lottery' is NOT exempt from tax under Section 10.
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