IFOS

Question 1

Agricultural income from India is exempt under ______

Answer 1

Sec 10(1)

Question 2

Minor child income is exempt upto ₹_____ per minor child

Answer 2

₹1500

Question 3

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

Answer 3

Section 10(32)

Question 4

Daily allowance to MLA/MP/MLC is exempt under

Answer 4

Sec 10(17)

Question 5

Awards from Government are exempt under section

Answer 5

Section 10(17A)

Question 6

Charging Section for INCOME FROM OTHER SOURCES IS?

Answer 6

Section 56

Question 7

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

Answer 7

10(10D)

Question 8

SECTION 57, in IFOS stands for ____

Answer 8

DEDUCTION

Question 9

Interest on GNPT PKBC is exempt u/s
______

Answer 9

Section 10(11), 10(15)

Question 10

Deduction for taxable income is ALLOWED/ NOT ALLOWED

Answer 10

Allowed

Question 11

Deduction for exempt income is ALLOWED/ NOT ALLOWED

Answer 11

NOT ALLOWED

Question 12

Deduction for winnings is ALLOWED/ NOT ALLOWED

Answer 12

NOT ALLOWED

Question 13

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

Answer 13

ALLOWED

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

Question 14

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

Answer 14

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

Question 15

Section of DISALLOWED EXPENSES is ____

Answer 15

Section 58

Question 16

Personal expenses is ALLOWED/ NOT ALLOWED?

Answer 16

Not allowed

Question 17

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

Answer 17

FULLY DISALLOWED

Question 18

Excess amt to relatives? Allowed/ disallowed?

Answer 18

Disallowed
Reasonable amount allowed

Question 19

Winnings are taxable at flat rate of ___

Answer 19

30%

Question 20

Public Provident Fund is exempt u/s ___

Answer 20

Section 10(11)

Question 21

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

Answer 21

Section 59

Question 22

G stands for

Answer 22

GOLD DEPOSIT SCHEME 1999

Question 23

N stands for

Answer 23

National Plan certificate/National Saving Annuity Certificate

Question 24

P stands for

Answer 24

Post office savings Bank account

Question 25

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

Answer 25

₹3500

Question 26

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

Answer 26

₹7000

Question 27

T stands for

Answer 27

Treasury Saving Deposit Certificate

Question 28

P stands for

Answer 28

Public Provident Fund

Question 29

K stands for

Answer 29

Konkan Railway Corporation Bonds

Question 30

B stands for

Answer 30

Bonds of RBI (NATIONAL RELIEF BONDS)

Question 31

C stands for

Answer 31

Capital Investment Bonds

Question 32

Rent from letting out of HOUSE PROPERTY comes under

Answer 32

IFHP

Question 33

Rent from subletting of House Property comes under

Answer 33

IFOS

Question 34

Income from **house property + assets** will be taxable under

Answer 34

IFOS

Question 35

Income from HOUSE PROPERTY + FACILITY will be taxable under

Answer 35

HOUSE PROPERTY - *IFHP* FACILITY - *IFOS*

Question 36

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

Answer 36

FATHER/MOTHER whose ever NTI is higher

Question 37

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

Answer 37

Child

Question 38

Income under IFOS is taxable on the basis of ____

Answer 38

Method of accounting followed by assessee

Question 39

Interest on compensation shall be taxable on ____ basis

Answer 39

RECEIPT

Question 40

Interest on compensation is taxable @ ___%

Answer 40

50%

Question 41

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

Answer 41

DUE

Question 42

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

Answer 42

PGBP

Question 43

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

Answer 43

IFOS

Question 44

GIFTS comes u/s ____

Answer 44

Section 56(2) (x)

Question 45

Gifts recd from employer in CASH

Answer 45

TAXABLE

Question 46

Gift recd from employer in kind

Answer 46

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

Question 47

Gift recd from customer/client

Answer 47

TAXABLE

Question 48

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

Answer 48

EXEMPT

Question 49

Gift recd in cash/cheque?

Answer 49

If aggregate exceeds ₹50,000 *FULL AMT TAXABLE*

Question 50

MOVABLE PROPERTY recd as a gift *without consideration*

Answer 50

If aggregate FMV exceeds ₹50,000 FULL AMT TAXABLE

Question 51

MOVABLE PROPERTY recd as a gift *inadequate consideration*

Answer 51

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

Question 52

IMMOVABLE PROPERTY recd as a gift *without consideration*

Answer 52

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

Question 53

IMMOVABLE PROPERTY recd as a gift *inadequate consideration*

Answer 53

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

Question 54

MOVABLE PROPERTY includes

Answer 54

- shares from securities - jewellery/bullion - drawings, paintings, sculptures, any work of art - archaeological collections

Question 55

Deemed dividends u/s

Answer 55

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

Question 56

Section 2(22) (a)

Answer 56

Distribution of entailing the release of company's assets

Question 57

Section 2(22) (b)

Answer 57

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

Question 58

Section 2(22) (c)

Answer 58

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

Question 59

Section 2(22) (d)

Answer 59

Distribution on reduction of capital

Question 60

Section 2(22) (e)

Answer 60

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