Chapter 10 IFOS

Question 1

Define IFOS

Answer 1

Income which is not chargeable under any head of income and is the Residuary of all heads of incomes then that Income is subject to be taxed under income from other sources.

Question 2

Criteria of income from other sources

Answer 2

1- Income which is not taxed under final tax regime.
2- income which is not exempt from tax.
3- Income as per the definition of income under ITO,2001
4- income which is not chargeable to tax under any other head of income.

Question 3

IFOS includes

Answer 3

Dividend
Royalty
Profit on debt
Additional Payment on delayed refund under any tax law
Ground rent
Rent from the sub lease of building or land
Income from the lease of building together with plant and machinery
Income from provision of amenities, utilities or any other services associated with renting of building.
Deemed income on unexplained assets or income
Pg 172 173

Question 4

IFOS is taxed under which basis ?

Answer 4

Receipt basis

Question 5

Bifurcation

Answer 5

https://drive.google.com/file/d/1e943pGfShliiVeMIOvF4Jl3RJzQL8tn_/view?usp=drivesdk

Question 6

Concept of additional payment on delayed refund

Answer 6

https://drive.google.com/file/d/1eAPgZkHKhvcnUl8lzAnG0k3apGJG1i_v/view?usp=drivesdk

Question 7

Concept of ground rent and deemed income

Answer 7

https://drive.google.com/file/d/1eCQ_5VJHKffVUWMIZWLgK5hLtNudd8Dc/view?usp=drivesdk

Question 8

Taxability of gift

Answer 8

https://drive.google.com/file/d/1eIEqjM4KnX5TJQshtX-Lw2rXK67V0EmU/view?usp=drivesdk

Question 9

Taxability of gift

Answer 9

https://drive.google.com/file/d/1eLZHn937yRVmwG0Hdaqi-u0c55SEZreL/view?usp=drivesdk