CHAPTER 9- IFOS

Question 1

SECTION 56

Answer 1

CHARGING SECTION

Question 2

SECTION 56(2)(x)

Answer 2

GIFT RECEIVED BY ANY PERSON (MONEY/ PROPERTY)

Question 3

SECTION 49(4)

Answer 3

COA WHEN 56(2)(x) IS ATTRACTED

Question 4

SECTION 115-O

Answer 4

DDT [RATES FOR 2(22)(a) TO 2(22)(e)]

2(22)(a) TO 2(22)(d) ___ 15% + 12% + 4%
2(22)(e) ___ 30% + 12% + 4%

Question 5

SECTION 10(34)

Answer 5

TAX ON DIVIDEND FROM DOMESTIC COMPANY EXEMPT FOR SHAREHOLDER

Question 6

SECTION 115BBDA

Answer 6

IF TOTAL DIVIDEND RECEIVED IS MORE THAN 10 LAKHS FROM ALL D.COS. , THEN EXCESS OF 10LAKHS TAXABLE FOR SHAREHOLDER AT 10% FOR SPECIFIED ASSESSEE

Question 7

SPECIFIED ASSESSEES

Answer 7

D.CO., FUND,TRUST,INSTITUTIONS, UNDER 12A AND 12AA

Question 8

SECTION 115BBD

Answer 8

1. INDIAN COMPANY (SHAREHOLDER) RECEIVES DIVIDEND [2(22)(a) TO 2(22)(d)] FROM FOREIGN COMPANY
2. AND HOLDS SUBSTANTIAL INTEREST IN FOREIGN COMPANY,
   TAX PAYABLE WILL BE 15%

2(22)(e) WILL BE AS PER NORMAL RATE

Question 9

SECTION 10(35)

Answer 9

TAX ON DIVIDEND FROM MUTUAL FUND EXEMPT FOR UNIT HOLDER

Question 10

SECTION 115-R

Answer 10

MF to INDIVIDUAL OR H.U.F. ___ 25% OF INCOME DIST.
MF to OTHER THAN ^ ___ 30% OF INCOME DIST.
EQ. ORIENTED MF to ANY PERSON ___ 10%

+ 12%SUR + 4%HEC

Question 11

SECTION 2(22)(a)

Answer 11

ASSETS

Question 12

SECTION 2(22)(b)

Answer 12

DEB.,
DEB. STOCK,
DEPOSIT CERTIFICATE,
BONUS TO PSH

Question 13

SECTION 2(22)(c)

Answer 13

LIQUIDATION

Question 14

SECTION 2(22)(d)

Answer 14

REDUCTION OF SH. CAPITAL

Question 15

SECTION 2(22)(e)

Answer 15

LOANS OR ADVANCES BY CLOSELY HELD CO. TO SHAREHOLDER - DIRECTLY AND INDIRECTLY

Question 16

SECTION 57

Answer 16

EXPENSES ALLOWED

Question 17

SECTION 58

Answer 17

EXPENSES DISALLOWED

Question 18

SECTION 59

Answer 18

RECOVERY OF EXP. ALLOWED, TAXABLE U/S 59

Question 19

SECTION 115BB

Answer 19

CASUAL INCOME