True or False: Income from speculative transactions is considered as part of profits and gains from business.

True, as it is deemed distinct and separate from other business income.

What is the treatment of income derived from a Keyman Insurance policy under income tax laws?

Any sum received under a Keyman Insurance policy is chargeable to tax as income.

What conditions must be met for the income from house property to be taxable?

The property must not be used for personal business or be self-occupied, and it must generate rental income.

Fill in the blank: If a capital asset is sold for more than its written down value, the excess amount is considered as ___ income.

Business

How are short-term and long-term capital gains differentiated for tax purposes?

Short-term capital gains apply to assets held for less than three years, while long-term gains apply to those held for more than three years.

What is included in the definition of income under Section 2(24) of the Income Tax Act?

Income from various sources, including subsidies, grants, and other payments, is included as income.

True or False: Interest on bad debts is taxable in the year it is received or credited to the Profit and Loss account.

True, it is taxable in the year it is credited or received, whichever is earlier.

According to tax laws, what happens to a liability that is unilaterally written off by the taxpayer?

It is deemed a remission or cessation of liability and is chargeable to tax.

What types of income must be included when calculating profits and gains from business and profession?

All income must be included.

• Includes all business revenues.

• Compensation and service income.

• Profits from licenses and schemes.