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Which of the following is an exemption under Section 10 of the Income Tax Act?

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Question: Which of the following is an exemption under Section 10 of the Income Tax Act?

Options:

  1. Agricultural income
  2. Salary income
  3. Business income
  4. Capital gains

Correct Answer: Agricultural income

Solution: 

Agricultural income is exempt under Section 10 of the Income Tax Act.

Which of the following is an exemption under Section 10 of the Income Tax Act?

Practice Questions

Q1
Which of the following is an exemption under Section 10 of the Income Tax Act?
  1. Agricultural income
  2. Salary income
  3. Business income
  4. Capital gains

Questions & Step-by-Step Solutions

Which of the following is an exemption under Section 10 of the Income Tax Act?
  • Step 1: Understand what Section 10 of the Income Tax Act is. It lists certain types of income that are not taxed.
  • Step 2: Identify the types of income mentioned in Section 10. One of these types 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 income tax.
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