Question
Under the Income Tax Act, 1961, which of the following
incomes is exempt from tax in the hands of an individual?Solution
• Agricultural income earned from land situated in India is exempt under Section 10(1). • Other options are taxable: o Salary (even from a foreign company) is taxable if earned in India o Lottery winnings are taxed at flat 30% u/s 115BB o FD interest is taxable as “Income from Other Sources”
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