CA Foundation Exam > CA Foundation Questions > State which of the following income is wholly...
Start Learning for Free
State which of the following income is wholly exempt from the income tax?
- a)Income from salary
- b)Income from house property
- c)Income from business and profession
- d)Income from agriculture.
Correct answer is option 'D'. Can you explain this answer?
Most Upvoted Answer
State which of the following income is wholly exempt from the income t...
Wholly Exempt Income from Income Tax
There are different categories of income that are exempt from income tax in various countries. In this case, we are considering the Indian income tax laws.
Income from salary:
Income from salary is not wholly exempt from income tax. It is taxable under the head "income from salary" as per the Income Tax Act. However, there are certain allowances and perquisites that are exempt or partially exempt from tax. These exemptions are provided under specific sections of the Income Tax Act.
Income from house property:
Income from house property is not wholly exempt from income tax. It is taxable under the head "income from house property" as per the Income Tax Act. However, certain deductions such as standard deduction, interest on housing loan, and municipal taxes paid can be claimed to reduce the taxable income.
Income from business and profession:
Income from business and profession is not wholly exempt from income tax. It is taxable under the head "income from business and profession" as per the Income Tax Act. However, certain deductions such as business expenses, depreciation, and allowances can be claimed to reduce the taxable income.
Income from agriculture:
Income from agriculture is wholly exempt from income tax in India. This exemption is provided under Section 10(1) of the Income Tax Act. According to this section, any income derived from agriculture is not considered as income and hence is not taxable. This includes income from agricultural land, farming activities, sale of agricultural produce, and any other income related to agriculture.
Conclusion:
Out of the given options, only income from agriculture is wholly exempt from income tax in India. Income from salary, house property, and business and profession are taxable under their respective heads as per the Income Tax Act.
|
Explore Courses for CA Foundation exam
|
|
Top Courses for CA FoundationView all
State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer?
Question Description
State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer?.
State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? for CA Foundation 2025 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for CA Foundation 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer?.
Solutions for State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of
State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer?, a detailed solution for State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? has been provided alongside types of State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? theory, EduRev gives you an
ample number of questions to practice State which of the following income is wholly exempt from the income tax?a)Income from salaryb)Income from house propertyc)Income from business and professiond)Income from agriculture.Correct answer is option 'D'. Can you explain this answer? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup