Which one of the following is agricultural income under the Income...

Home / Commerce / Income Tax And Corporate Tax / Question
Examveda
Examveda

Which one of the following is agricultural income under the Income Tax Act, 1961 ?

A. Interest on arrears of rent in respect of agricultural land

B. Interest received by a money-lender in the form of agricultural produce

C. Income from sale of trees of forest which are of spontaneous growth and in relation to which forestry operations alone are performed

D. Interest on capital received by a partner from the firm engaged in agricultural operations

Answer: Option D


This Question Belongs to Commerce >> Income Tax And Corporate Tax

Join The Discussion

Related Questions on Income Tax and Corporate Tax

List out from the given statements the important ethical principles that a business should follow:
1. To take the necessary action for the development of the concerned industry or business
2. Pay taxes and discharge other obligations promptly
3. To ensure the best utilisation of the human resources
4. Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc.
5. Ensure payment of fair wages and fair treatment of employees

A. 3, 4 and 5

B. 2, 4 and 5

C. 1, 2 and 3

D. 1, 3 and 5

  View Answer
  View Answer
  View Answer

Statement (I): If the tax liability has been reduced within the legal framework, it is tax planning.
Statement (II): If tax liability has been reduced to get benefit of deduction available under the income tax, it is called tax evasion.
In the context of the above two statements, which one of the following is correct?

A. Both the Statements (I) and (II) are correct

B. Statement (I) is correct, but (II) is incorrect

C. Both Statements (I) and (II) are incorrect

D. Statement (II) is correct, but (I) is incorrect

  View Answer

Read More: MCQ Type Questions and Answers