Alerts
Wishlist
Cart
Sign In
Categories
Current Affairs & GK
Current Affairs
Show All Current Affairs & GK
eBooks
General Aptitude
Arithmetic Aptitude
Data Interpretation
Show All General Aptitude
General Knowledge
Basic General Knowledge
General Science
Show All General Knowledge
Medical Science
Anatomy
Biochemical Engineering
Biochemistry
Biotechnology
Microbiology
Show All Medical Science
Technical
Database
Digital Electronics
Electronics
Networking
Show All Technical
Verbal and Reasoning
Logical Reasoning
Verbal Ability
Verbal Reasoning
Show All Verbal and Reasoning
›
Which of the following is NOT a type of income under the Income Tax Act?
Which of the following is NOT a type of income under the Income Tax Act?
Expand All
Collapse All
Practice Questions
1 question
Q1
Which of the following is NOT a type of income under the Income Tax Act?
Salary
House Property
Capital Gains
Wealth
Show Solution
Copy
Wealth is not a type of income under the Income Tax Act; it is a separate category for wealth tax.
Questions & Step-by-step Solutions
1 item
Q
Q: Which of the following is NOT a type of income under the Income Tax Act?
Solution:
Wealth is not a type of income under the Income Tax Act; it is a separate category for wealth tax.
Steps: 4
Show Steps
Step 1: Understand what the Income Tax Act is. It is a law that defines different types of income that are taxable.
Step 2: Identify the types of income mentioned in the Income Tax Act. Common types include salary, business income, and rental income.
Step 3: Recognize that wealth is not considered income. Wealth refers to the total value of assets owned, not the money earned.
Step 4: Conclude that since wealth is not a type of income, it is the correct answer to the question.
Related Questions
I
If a company has a net income of $250,000 and total revenue of $1,000,000, what
Question: If a company has a net income of $250,000 and total revenue of $1,000,000, what is the pro..
A
A business incurs a loss of 15% on selling a product for $425. What was the cost
Question: A business incurs a loss of 15% on selling a product for $425. What was the cost price?Opt..
I
If a product is sold for $240 after a discount of 20%, what was the original pri
Question: If a product is sold for $240 after a discount of 20%, what was the original price?Options..
I
If a company has total assets of $1,000,000 and total liabilities of $600,000, w
Question: If a company has total assets of $1,000,000 and total liabilities of $600,000, what is the..
A
A firm has a current ratio of 2:1 and current liabilities of $50,000. What are t
Question: A firm has a current ratio of 2:1 and current liabilities of $50,000. What are the current..
‹
Biology (School & UG)
Chemistry (School & UG)
Civil Engineering
Commerce & Accountancy
Computer Science & IT
Current Affairs & GK
Data Structures & Algorithms
eBooks
Electrical & Electronics Engineering
English (School)
General Aptitude
General Knowledge
General Knowledge & Current Affairs
Languages & Literature
Law & Legal Studies
Major Competitive Exams
Mathematics (School)
Mechanical Engineering
Medical Science
Physics (School & Undergraduate)
Quantitative Aptitude & Reasoning
Social Science (School)
Technical
Verbal and Reasoning
Vocational & Skill Development
›
Soulshift Feedback
×
On a scale of 0–10, how likely are you to recommend
The Soulshift Academy
?
0
1
2
3
4
5
6
7
8
9
10
Not likely
Very likely
✕
↑
