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Which of the following is NOT a type of income that is exempt from tax under Sec
Which of the following is NOT a type of income that is 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 that is exempt from tax under Section 10 of the Income Tax Act?
Agricultural income
Interest on savings bank account
Gratuity received by an employee
Income from lottery
Show Solution
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Income from lottery is taxable and not exempt under Section 10 of the Income Tax Act.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is NOT a type of income that is exempt from tax under Section 10 of the Income Tax Act?
Solution:
Income from lottery is taxable and not exempt under Section 10 of the Income Tax Act.
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 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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