The following incomes derived, received and earned during the previous year are not subject to tax being exempt under the Act: (i) Money received by an individual as a member of HUF (ii) Share of profit received by partn

CS Executive · Tax Laws and Practice · PYQS · June 2018
The following incomes derived, received and earned during the previous year are not subject to tax being exempt under the Act: (i) Money received by an individual as a member of HUF (ii) Share of profit received by partner from LLP (iii) Interest on Savings bank account (iv) Income of SAARC Fund Which of the above are exempt?
(A) (i) and (ii)
(B) (i), (ii) and (iv)
(C) None of the above
(D) All of the above

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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