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Which of the following is NOT a type of income under the Income Tax Act?

Practice Questions

Q1
Which of the following is NOT a type of income under the Income Tax Act?
  1. Salary
  2. House Property
  3. Capital Gains
  4. Wealth

Questions & Step-by-Step Solutions

Which of the following is NOT a type of income under the Income Tax Act?
  • Step 1: Understand what the Income Tax Act is. It is a law that defines different types of income that are taxable.
  • Step 2: Identify the types of income mentioned in the Income Tax Act. Common types include salary, business income, and rental income.
  • Step 3: Recognize that wealth is not considered income. Wealth refers to the total value of assets owned, not the money earned.
  • Step 4: Conclude that since wealth is not a type of income, it is the correct answer to the question.
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