Podcast
Questions and Answers
Alto Mount Private Limited, if a partnership firm, is governed under the Partnership Act rather than the Income Tax Act.
Alto Mount Private Limited, if a partnership firm, is governed under the Partnership Act rather than the Income Tax Act.
False (B)
Entertainment allowance deductions are available to all employees, irrespective of their employment sector.
Entertainment allowance deductions are available to all employees, irrespective of their employment sector.
False (B)
Income from sub-letting a house property is taxable under the head ‘Income from House Property’.
Income from sub-letting a house property is taxable under the head ‘Income from House Property’.
False (B)
Under the Income Tax Act, there are five heads of income.
Under the Income Tax Act, there are five heads of income.
Commuted pension is fully taxable for government employees but exempt for non-government employees.
Commuted pension is fully taxable for government employees but exempt for non-government employees.
Indexation benefits are applicable to long-term capital assets, but not to cases of short-term capital assets.
Indexation benefits are applicable to long-term capital assets, but not to cases of short-term capital assets.
An individual's residential status for tax purposes is solely determined by their citizenship.
An individual's residential status for tax purposes is solely determined by their citizenship.
Deduction under Section 80E of the Income Tax Act is available to Hindu Undivided Families (HUFs).
Deduction under Section 80E of the Income Tax Act is available to Hindu Undivided Families (HUFs).
Municipal taxes paid in advance can be deducted from the Gross Annual Value during the year of payment.
Municipal taxes paid in advance can be deducted from the Gross Annual Value during the year of payment.
Interest on capital received by a partner from a firm is fully exempt under Section 10(2A).
Interest on capital received by a partner from a firm is fully exempt under Section 10(2A).
Flashcards
Alto Mount Private Limited
Alto Mount Private Limited
A company that is considered a partnership firm under the Income Tax Act.
Entertainment Allowance Deduction
Entertainment Allowance Deduction
An allowance given to employees, but is not deductible for all employees.
Income from Sub-Letting
Income from Sub-Letting
Taxable under the 'Income from Other Sources' head.
Heads of Income
Heads of Income
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Commuted Pension
Commuted Pension
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Indexation
Indexation
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Deduction u/s 80E
Deduction u/s 80E
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Municipal Taxes Paid
Municipal Taxes Paid
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Depreciation
Depreciation
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Total Deduction u/s 80C & 80CCC
Total Deduction u/s 80C & 80CCC
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Study Notes
- Semester End Examination is in October 2024.
- The course is Direct Tax.
- The course code is 24UBCOM506.
- The exam duration is 2 hours.
- The max marks are 60.
- All questions must be attempted.
- Figures indicate full marks.
- K1, K2, K3, and K4 indicate Knowledge Level as per Bloom's taxonomy.
- CO indicates Course Outcomes.
- Working notes should form part of the answers.
True or False Statements
- Alto Mount Private Limited is a Partnership Firm under the Income Tax Act (False).
- Deduction for Entertainment allowance is available to all employees (False).
- Income from sub-letting of house property is taxable under the head of Income from Other Sources (False).
- There are six heads of income (False).
- Commuted pension is exempt in the hands of both government and non-government employees (True).
- Indexation is applicable in case of Short Term Capital assets (True).
- Residential status does not depend upon citizenship (False).
- Deduction u/s 80E is available to an individual (True).
- Municipal taxes paid in advance are deducted from Gross Annual value in the year of payment (True).
- Interest on Capital received by a partner from firm shall be exempt u/s 10(2A) (True).
- Depreciation is available only on tangible assets (True).
- Total deduction u/s 80C and 80CCC cannot exceed Rs. 1,50,000 (True).
Answer the Following
- Fair rent of a house property is Rs. 1,20,000.
- Municipal Valuation is Rs. 1,30,000.
- Standard Rent is Rs. 1,10,000.
- Actual Rent is Rs. 12,000 per month.
- The property was let out for 10 months.
- Indicate Gross Annual Value of the house property.
- Express legal status of Mr. Jankinanadan, an employee.
- Express legal status of Sramik Sena.
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