Which of the following Income Tax Acts first exempted agricultural income from tax?
The Income Tax Act of 1886 exempted agricultural income when income tax was placed on a continuing basis. This exclusion continued in later central income-tax legislation.
Choose your answer
Which of the following Income Tax Acts first exempted agricultural income from tax?
Answer and explanation
Correct answer B
The Income Tax Act of 1886 exempted agricultural income when income tax was placed on a continuing basis. This exclusion continued in later central income-tax legislation.
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Madhya Pradesh SET (MP SET)