Which of the following is NOT a type of income that is exempt from tax under Sec

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Question: Which of the following is NOT a type of income that is exempt from tax under Section 10 of the Income Tax Act?

Options:

Correct Answer: Income from lottery

Solution:

Income from lottery is taxable and not exempt under Section 10 of the Income Tax Act.

Which of the following is NOT a type of income that is exempt from tax under Section 10 of the Income Tax Act?

Which of the following is NOT a type of income that is exempt from tax under Section 10 of the Income Tax Act?

Step 1: Understand what Section 10 of the Income Tax Act is. It lists types of income that are not taxed.
Step 2: Identify the types of income that are exempt from tax under Section 10.
Step 3: Look for the type of income that is NOT listed as exempt. In this case, income from lottery.
Step 4: Confirm that income from lottery is taxable, meaning it is not exempt under Section 10.
Step 5: Conclude that the correct answer to the question is income from lottery.

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