Income Tax Quiz

Which of the following is not taxable under "Income from Other Sources"?

• Dividend income

• Winnings from lotteries

• Agricultural income in India

• Interest on savings bank accounts

Which section of the Income Tax Act governs 'Income from Other Sources'?

• Section 24

• Section 56

• Section 44

• Section 80C

Interest on compensation received is taxable under which head?

• Salary

• House Property

• Other Sources

• Capital Gains

Which of the following is a specific income taxable under 'Income from Other Sources'?

• Business income

• Family pension

• Professional fees

• Agricultural income outside India

Gift received by an individual from a non-relative exceeding ₹50,000 is taxable under:

• Salary

• House Property

• Capital Gains

• Other Sources

Which of the following incomes is specifically taxed under 'Income from Other Sources'?

• Income from renting machinery

• Salary arrears

• Long-term capital gain

• Interest on securities

Income from letting out of furniture along with building, when inseparable, is taxed under:

• House Property

• Business

• Other Sources

• Capital Gains

Family pension deduction allowed under 'Income from Other Sources' is:

• ₹15,000 or 1/3rd of pension, whichever is less

• ₹50,000 flat

• ₹1,50,000

• No deduction allowed

Standard deduction for family pension under Section 57 is applicable to:

• Employees only

• Businesspersons only

• Legal heirs receiving pension

• All pensioners

Interest received from post office savings account up to ₹3,500 (single) is exempt under:

• Section 80TTA

• Section 10(15)

• Section 80C

• Section 24