As per Rule 7B(1A) the __________ of income derived from the sale of coffee grown, cured, roasted and grounded manufactured in India shall be exempt from tax and remaining __________ will be taxed as business income.

CS Executive · Tax Laws and Practice · PYQS · June 2021
As per Rule 7B(1A) the __________ of income derived from the sale of coffee grown, cured, roasted and grounded manufactured in India shall be exempt from tax and remaining __________ will be taxed as business income.
(A) 60%; 40%
(B) 75%; 25%
(C) 35%; 65%
(D) 40%; 60%

Answer & Explanation:

Correct Answer: Option (A)

Official answer key: (A).

Topics: Income Tax Act, 1961

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