Match the following: IncomeHead of the income a. Family Pension i. Profits and Gains of Business or…
The correct matching is a-ii, b-i, c-iii, d-iv. Family pension is taxed under Income from Other Sources, profit from trading activity under Profits and Gains of Business or…
Choose your answer
Match the following:
| Income | Head of the income |
|---|---|
| a. Family Pension | i. Profits and Gains of Business or Profession |
| b. Profit from Trading Activity | ii. Income from Other Source |
| c. Director’s remuneration (whole-time director employee) | iii. Salaries |
| d. Sale of machinery for value exceeding its written down book value | iv. Capital gains |
Answer and explanation
Correct answer C
The correct matching is a-ii, b-i, c-iii, d-iv. Family pension is taxed under Income from Other Sources, profit from trading activity under Profits and Gains of Business or Profession, remuneration of a whole-time employee-director under Salaries, and gain on the sale of machinery for a value exceeding its written down value under Capital Gains (computed for depreciable assets under section 74 of the Income-tax Act, 2025).
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Telangana SET (TG SET)