Question
Under the Income Tax Act, 1961, which of the following
incomes is fully exempt from tax in the hands of the individual taxpayer?Solution
As per Section 10(1) of the Income Tax Act, 1961, agricultural income is fully exempt from income tax under the Indian tax law. This exemption arises because agriculture is a state subject and agricultural income is not included in the purview of income tax for individuals. Other incomes such as salary, capital gains, and interest income are taxable under various sections of the Act.
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