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Which of the following is a valid exemption under Section 10 of the Income Tax A

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Question: Which of the following is a valid 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 a valid exemption under Section 10 of the Income Tax A

Practice Questions

Q1
Which of the following is a valid 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 a valid 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. Look for examples like agricultural income.
  • Step 3: Confirm that agricultural income is included in the list of exempt incomes under Section 10.
  • Step 4: Conclude that agricultural income is a valid exemption under Section 10 of the Income Tax Act.
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