The term “Income” does not include ? Profits and gains Dividends Voluntary Contributions Remittance of savings from U.K Yes, the answer is correct. Feedback: Definition of 'income' as given in section 2 (24) of the Income-tax Act, 1961 clearly shows that income includes only positive incomes arising in form of some receipts or profits or gains computed as per relevant provisions of the Act. Accepted Answers: Remittance of savings from U.K Mr. Anil Jain, partner of Jain and Jain, is assessable as Firm HUF An individual One person company Yes, the answer is correct. Feedback: Mr. Anil Jain, partner of Jain and Jain, is assessable as an individual. Accepted Answers: An individual Mr. James, being foreign national, came to India first time on 01-02-2019 for seven months. What will be his residential status for the previous year 2018-19? Resident and O...
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