Income chargeable to tax under the Income-tax Act, 1961 in the Assessment Year has been defined in Section 2(24) to include: (i) Voluntary contribution received by an electoral trust (ii) Profits of insurance business (iii) Amounts received under Keyman Insurance Policy [except where it is exempt u/s 10(10D)] (iv) Gift from non-relative of an amount exceeding ₹ 50,000

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Question:Income chargeable to tax under the Income-tax Act, 1961 in the Assessment Year has been defined in Section 2(24) to include: (i) Voluntary contribution received by an electoral trust (ii) Profits of insurance business (iii) Amounts received under Keyman Insurance Policy [except where it is exempt u/s 10(10D)] (iv) Gift from non-relative of an amount exceeding ₹ 50,000

1.(ii) and (iv)

2. (i) and (iv)

3. (ii) and (iii)

4.All the four above

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  1. Income chargeable to tax under the Income-tax Act, 1961 in the Assessment Year has been defined in Section 2(24) to include: (i) Voluntary contribution received by an electoral trust (ii) Profits of insurance business (iii) Amounts received under Keyman Insurance Policy [except where it is exempt u/s 10(10D)] (iv) Gift from non-relative of an amount exceeding ₹ 50,000
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