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Which of the following incomes is exempt from tax under Section 10?
Which of the following incomes is exempt from tax under Section 10?
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Practice Questions
1 question
Q1
Which of the following incomes is exempt from tax under Section 10?
Agricultural income
Salary from foreign employment
Interest on savings account
Dividend from Indian companies
Show Solution
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Agricultural income is exempt from tax under Section 10.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following incomes is exempt from tax under Section 10?
Solution:
Agricultural income is exempt from tax under Section 10.
Steps: 4
Show Steps
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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