Which out of the following elements shall be considered for bringing to tax the income under the head Income from Business & Profession? (i) Ownership of the business is not necessary (ii) Business must be legal (iii
CS Executive · Tax Laws · PYQS · December 2020
Which out of the following elements shall be considered for bringing to tax the income under the head Income from Business & Profession? (i) Ownership of the business is not necessary (ii) Business must be legal (iii) Income may be earned in cash or kind (iv) Profit motive is not the sole consideration
Answer & Explanation:
Correct Answer: Option (B)
Official answer key: (B).
Topics: Income from Business or Profession
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