BUISENESS MANAGEMENT
TAXES
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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True
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False
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Either A or B
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None of the above
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Detailed explanation-1: -There are particular revenues that fall within the category of exempt income for self-employed or non-salary account holders. They include dividends, income from farming, interest from investments, and capital gains, all of which must be reported under Schedule EI when filing income taxes according to ITR-1.
Detailed explanation-2: -income tax in India. The foreign income i.e. income accruing or arising outside India in any financial year is liable to income-tax in that year even if it is not received or brought into India. There is no escape from liability to income-tax even if the remittance of income is restricted by the foreign country.
Detailed explanation-3: -[As amended by Finance Act, 2022] TAX-FREE INCOMES. Agricultural Income [Section 10(1)] As per section 10(1), agricultural income earned by the taxpayer in India is exempt from tax. Agricultural income is defined under section 2(1A) of the Income-tax Act.