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DIRECT TAX > IFOS > Flashcards

IFOS Flashcards

1
Q

Agricultural income from India is exempt under ______

A

Sec 10(1)

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2
Q

Minor child income is exempt upto ₹_____ per minor child

A

₹1500

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3
Q

Minor child income is exempt upto ₹1500 per minor child under

A

Section 10(32)

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4
Q

Daily allowance to MLA/MP/MLC is exempt under

A

Sec 10(17)

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5
Q

Awards from Government are exempt under section

A

Section 10(17A)

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6
Q

Charging Section for INCOME FROM OTHER SOURCES IS?

A

Section 56

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7
Q

Amt received from life insurance policy is exempt u/s ____

A

10(10D)

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8
Q

SECTION 57, in IFOS stands for ____

A

DEDUCTION

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9
Q

Interest on GNPT PKBC is exempt u/s
______

A

Section 10(11), 10(15)

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10
Q

Deduction for taxable income is ALLOWED/ NOT ALLOWED

A

Allowed

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11
Q

Deduction for exempt income is ALLOWED/ NOT ALLOWED

A

NOT ALLOWED

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12
Q

Deduction for winnings is ALLOWED/ NOT ALLOWED

A

NOT ALLOWED

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13
Q

Deduction for family pension recd. is ALLOWED/ NOT ALLOWED? How much?

A

ALLOWED

MAX 15000
OR
1/3rd of family pension recd.
Whichever is lower

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14
Q

Deduction for income from units of UTI/Mutual fund is ALLOWED/ NOT ALLOWED

A

Interest expense shall be allowed(max 20% of income)

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15
Q

Section of DISALLOWED EXPENSES is ____

A

Section 58

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16
Q

Personal expenses is ALLOWED/ NOT ALLOWED?

A

Not allowed

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17
Q

Any expense above ₹ 10,000 in cash ALLOWED/NOT ALLOWED?

A

FULLY DISALLOWED

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18
Q

Excess amt to relatives? Allowed/ disallowed?

A

Disallowed
Reasonable amount allowed

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19
Q

Winnings are taxable at flat rate of ___

A

30%

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20
Q

Public Provident Fund is exempt u/s ___

A

Section 10(11)

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21
Q

Recovery of expenses which was allowed as a deduction shall be taxable u/s ____

A

Section 59

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22
Q

G stands for

A

GOLD DEPOSIT SCHEME 1999

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23
Q

N stands for

A

National Plan certificate/National Saving Annuity Certificate

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24
Q

P stands for

A

Post office savings Bank account

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25
Q

In post office savings Bank account if single account then ₹_____ shall be exempt

A

₹3500

26
Q

In post office savings Bank account if joint account then ₹_____ shall be exempt

A

₹7000

27
Q

T stands for

A

Treasury Saving Deposit Certificate

28
Q

P stands for

A

Public Provident Fund

29
Q

K stands for

A

Konkan Railway Corporation Bonds

30
Q

B stands for

A

Bonds of RBI (NATIONAL RELIEF BONDS)

31
Q

C stands for

A

Capital Investment Bonds

32
Q

Rent from letting out of HOUSE PROPERTY comes under

A

IFHP

33
Q

Rent from subletting of House Property comes under

A

IFOS

34
Q

Income from house property + assets will be taxable under

A

IFOS

35
Q

Income from HOUSE PROPERTY + FACILITY will be taxable under

A

HOUSE PROPERTY - IFHP
FACILITY - IFOS

36
Q

Minor Child income earned without efforts is taxable in the hands of?

A

FATHER/MOTHER whose ever NTI is higher

37
Q

Minor child income earned with efforts is taxable in the hands of?

A

Child

38
Q

Income under IFOS is taxable on the basis of ____

A

Method of accounting followed by assessee

39
Q

Interest on compensation shall be taxable on ____ basis

A

RECEIPT

40
Q

Interest on compensation is taxable @ ___%

A

50%

41
Q

Final dividend declared in AGM shall always be taxable on ____ basis

A

DUE

42
Q

Interest on securities held as a STOCK IN TRADE will be taxable under ____

A

PGBP

43
Q

Dividend on shares held as a stock in trade or not shall be taxable under ____

A

IFOS

44
Q

GIFTS comes u/s ____

A

Section 56(2) (x)

45
Q

Gifts recd from employer in CASH

A

TAXABLE

46
Q

Gift recd from employer in kind

A

Less than 5000 - EXEMPT
5000 or more - FULL AMT TAXABLE

47
Q

Gift recd from customer/client

A

TAXABLE

48
Q

Gift recd in I’M DR LC (Inheritance/will, marriage, Contemplation of Death, Relatives, Local authority, Charitable Trust) is **taxable or exempt? **

A

EXEMPT

49
Q

Gift recd in cash/cheque?

A

If aggregate exceeds ₹50,000
FULL AMT TAXABLE

50
Q

MOVABLE PROPERTY recd as a gift without consideration

A

If aggregate FMV exceeds ₹50,000
FULL AMT TAXABLE

51
Q

MOVABLE PROPERTY recd as a gift inadequate consideration

A

If aggregate exceeds (FMV- SP) exceeds ₹50,000
FULL AMT TAXABLE

52
Q

IMMOVABLE PROPERTY recd as a gift without consideration

A

If SDV per property exceeds ₹50,000
FULL AMT TAXABLE

53
Q

IMMOVABLE PROPERTY recd as a gift inadequate consideration

A

If SDV exceeds 110% of consideration and the difference between SDV and consideration exceeds ₹50,000 per property

FULL AMT TAXABLE

54
Q

MOVABLE PROPERTY includes

A
  • shares from securities
  • jewellery/bullion
  • drawings, paintings, sculptures, any work of art
  • archaeological collections
55
Q

Deemed dividends u/s

A

2(22) (a) to 2(22) (e)

56
Q

Section 2(22) (a)

A

Distribution of entailing the release of company’s assets

57
Q

Section 2(22) (b)

A

Distribution of debentures, deposit certificate to sahreholders and bonus shares to pref shareholders

58
Q

Section 2(22) (c)

A

Any distribution made to shareholders by a company on its liquidation upto the extent of accumulated profits

59
Q

Section 2(22) (d)

A

Distribution on reduction of capital

60
Q

Section 2(22) (e)

A

Any advance or loan by a closely held company to a shareholder(10% capital) or a specified owner(20% substantial interest)

DIRECT TAX (3 decks)

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