Income of an assessee engaged in the business of growing and manufacturing tea in India is taxable to the extent of —

CS Executive · Tax Laws and Practice · PYQS · December 2014
Income of an assessee engaged in the business of growing and manufacturing tea in India is taxable to the extent of —
(A) 40% of such income
(B) 60% of such income
(C) 70% of such income
(D) 30% of such income.

Answer & Explanation:

Correct Answer: Option (A)

Correct answer: (A) 40% of such income. This answer applies to the historical law and assessment-year context of this December 2014 paper; later amendments may differ.

Topics: Income Tax Act, 1961

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