Multiple choice general knowledge

Which among the following is a taxable income in India ?

  1. Agricultural Income

  2. Retirement Gratuity Scheme payments

  3. Income from Textile Trade

  4. Provident Fund
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Agricultural income is exempt from tax under Section 10(1) of the Income Tax Act. Retirement gratuity is exempt up to specified limits, and Provident Fund withdrawals are exempt under certain conditions. Income from the textile trade is fully taxable as business income under the head 'Profits and Gains of Business or Profession'.

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