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Which of the following incomes is exempt from tax under Section 10?

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Question: Which of the following incomes is exempt from tax under Section 10?

Options:

  1. Agricultural income
  2. Salary from foreign employment
  3. Interest on savings account
  4. Dividend from Indian companies

Correct Answer: Agricultural income

Solution: 

Agricultural income is exempt from tax under Section 10.

Which of the following incomes is exempt from tax under Section 10?

Practice Questions

Q1
Which of the following incomes is exempt from tax under Section 10?
  1. Agricultural income
  2. Salary from foreign employment
  3. Interest on savings account
  4. Dividend from Indian companies

Questions & Step-by-Step Solutions

Which of the following incomes is exempt from tax under Section 10?
  • Step 1: Understand what Section 10 of the tax law is. It lists types of income that are not taxed.
  • Step 2: Identify the types of income mentioned in Section 10. One of them is agricultural income.
  • Step 3: Recognize that agricultural income means money earned from farming activities.
  • Step 4: Conclude that since agricultural income is listed in Section 10, it is exempt from tax.
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