Under the Income-tax Act, 1961, 'notional profit' from speculative business is

CS Executive · Tax Laws and Practice · PYQS · June 2015
Under the Income-tax Act, 1961, 'notional profit' from speculative business is
(A) Taxable under the head 'income from profits and gains of business and profession'
(B) Taxable under the head 'income from other sources'
(C) Taxable either as income from other sources or as income from profits and gains of business and profession
(D) Not taxable.

Answer & Explanation:

Correct Answer: Option (D)

Official answer key: (D).

Topics: Income Tax

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