LN 1; Basics; ONLY SECTIONS

Question 1

̣gSection 115BAC

Answer 1

Default tax regime

Question 2

Section 10 (5)

Answer 2

Exemptions not allowed under Default tax regime
Leave travel concession.

Question 2

Section 10 (13A)

Answer 2

Exemptions not allowed under Default tax regime
House rent allowance

Question 3

Section 10 (14)

Answer 3

Exemptions not allowed under Default tax regime

Benefits to meet expenses relating to duties or Personal expense

Question 4

Section 10 (17)

Answer 4

Exemptions not allowed under Default tax regime

Daily allowance or constituency allowance of MLA and MP’s

Question 5

Section 10(32)

Answer 5

Exemptions not allowed under Default tax regime
Exemption in respect of minor child income included in parent income.

Question 6

Section 10 AA

Answer 6

Tax holiday for units established in SEZ

Question 7

Section 16

Answer 7

Exemptions not allowed under Default tax regime
Entertainment allowance
Professional tax

Question 8

Section 24(b)

Answer 8

Interest on Loan in respect of Self occupied property.

Question 9

Section 32 (1) (iia)

Answer 9

Exemptions not allowed under Default tax regime
Additional Depreciation.

Question 10

Section 35 (1) (ii) , (iia), (iii) or Section 35 (2AA)

Answer 10

Exemptions not allowed under Default tax regime

Deduction in respect of contribution to
(1) notified approved research associations for scientific research.
(2) Approved Indian Company for scientific research.
(3) Notified approved research associations for research in social science
(4) an approved laboratory for scientific research undertaken under an approved programme.

Question 11

Section 35 AD

Answer 11

Investments linked tax incentives for specified business.

Question 12

Section 112

Answer 12

Long term capital Other than LTC mentioned under Section 112A
(1) From transfer of Capital assets which takes place before 23.7.24. => 20% with Indexation.

Long term capital assets transfer after 23.7.24,
Transfer of Land or Buildings with Indexation => Lower than 20%
or without Indexation 12.5%

Transfer of any capital assets = 12.5% without indexation.

(2) Transfer of unlisted securities and shares of the company in which public are not substantially interested by non-resident assessee.
a. before 23.7.24 => 10% without indexation and foreign currency fluctuations.
b. On or after 23.7.24 => 12.5% without indexation and foreign currency fluctuations.

Question 13

Section 112 A

Answer 13

Long term capital gains on transfer of transfer of -

1. Equity share in a Company.
2. Unit of an equity oriented fund.
3. Unit of Business trust

Exemption => 1.25Lakhs.

Before 23.7.24, 10% on LTGC excess of 1.25 Lakhs
After 23.7.24, 12.5% on LTGC excess of 1.25 Lakhs

Question 14

Section 111A

Answer 14

Short term capital gains on transfer of

1. Equity share in a Company.
2. Unit of an equity oriented fund.
3. Unit of Business trust

15% If transfer takes place before 23.7.24

20% if transfer takes place on or after 23.7.24

Question 15

Section 115BB

Answer 15

Winnings from
Lottery
Cards games
Horse Race
crosswords puzzles
gambling or betting
(Other than winning from Online games) => 30% rate of tax.

Question 16

Section 115 BBJ

Answer 16

Net winnings from Online games = 30%

Question 17

Section 115 BBE

Answer 17

Unexplained money, expenditure and Investments = 60%