New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following incomes is not chargeable under

    the head "Income from Business or Profession"?
    A Profit from the sale of goods manufactured by the assessee’s factory Correct Answer Incorrect Answer
    B Commission received by an insurance agent Correct Answer Incorrect Answer
    C Salary received by a director of a company Correct Answer Incorrect Answer
    D Income earned by a lawyer from his practice Correct Answer Incorrect Answer

    Solution

    Salary income is taxable under the head "Income from Salaries" and not under "Income from Business or Profession". Commission and profits from business activities are taxable under Business/Profession.

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