Income from other sources – Test 1

“Income from other Sources” is chargeable to tax under

Which of the following conditions need to be satisfied, so that an income can be taxed under the head “Income from Other Sources” ?

Sunil sold a property, and had certain capital gains. He wants to offer it to tax under “Income from Other Sources”. His stand is

Aman earned certain interest income, which he wants to offer to tax under the head “Income from  Other Sources” on cash basis. However, he wants to claim deduction for certain expenditure on accrual basis. He can claim deduction

Raman earned certain interest  income, which he wants to offer to tax under the head “Income from other Sources” on accrual basis. However, he wants to claim deduction for certain expenditure on cash basis, since he has loss in the current year. He can claim deduction

X held 30% shares in Surya Private Limited, which gave a loan of Rs.2,00,000 to him and had accumulated profits of Rs.9,00,000. Such loan would be

Chandra Private Limited, which had accumulated profits, gave a loan to Y, who holds 40% equity shares in Chandra Private Limited. Such loan would

As er section 56(2), which of the following income are not chargeable to tax under the head “Income from Other Source”?

As per section 56(2), which of the following income are chargeable to tax under the head “Income from Other Sources”?

Hulk Private limited, received certain contribution from its employees towards provident fund. Such receipt is not taxable under the head “Profits and Gains of Business or Profession” in the hands of HPL. Such contribution would be

Which of the following incomes, if not chargeable to tax under the head “PGBP” in the hands of the assessee, would be chargeable to Tax under the head “Income from Other Sources”?

A received Rs 75,000 from a friend as a gift on friendship day. Such receipt is _____ as “Income from Other Sources”?

X receives Rs.1,50,000 from y on 01.09.2018 on account of sale of land (Stamp Duty Value=Rs.2,50,000). Compute the income chargeable to tax in the hands of Y under the head “Income from Other Sources”. If X & Y are not relatives ?

Interest received on compensation or enhanced compensation for compulsory acquisition of land should be taxed in the year

Which of the following income is not chargeable to tax under the head “Income from Other Sources”?

Aman is engaged in the business of manufacturing of garments. He is also working as an agent of LIC and received insurance commission of Rs.75,000. It is _______ under the head “Income from Other Sources”.

Identify whether the given statement is true or false ?

A died on a car accident. His family received Pension from his employer. It is chargeable to tax under Income from Other Sources.

Identify whether the given statement is true or False ?

Maninder is a non-employee director with XYZ Private limited for which he received Director fees. It is chargeable under Income from Other Sources

Whether the following income is chargeable to tax under the head “Income from Other Sources”?

Sumit has kept deposit of Rs.2,00,000 with ABC Private Limited and received an interest @ 10% on such deposits.

Amit has subscribed to debentures of Rs.2,00,000 with Alpha Inc, a US company and received an interest @10% on such deposits. Such interest is taxable under “Income from Other Sources”?

Dividend paid by Munmum India Private Limited, an Indian company, was received by A. Such dividend shall be exempt from tax in the hands of the shareholders provided they are not covered u/s

Which of the following categories of dividend, requires deduction of tax at source by the company paying such devidend ?

SunSun India private Limited, an Indian company, declared dividend amounting to Rs.5,00,000 out of which 50% were received by Sumit. He wants to claim deduction of Rs.50,000 against dividend income. The taxable income in the hands of Sumit would be

ABC Mutual Fund is covered u/s 10(23D). It declares a dividend of Rs.1,00,000 to Saarthak. The amount taxable in hands of Saarthak on account of such dividend would be

SunSun India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000 out of which it capitalised profits of Rs.1,00,000, by issuing bonus shares. Sumit, an equity shareholder received, bonus shares of Rs.50,000 out of such issue. The amount which would be construed as dividend in the hands of SunSun India, liable to DDT would be

Gungun India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000 out of which it capitalised profits of Rs.1,00,000, by issuing bonus shares. Sumit received bonus shares of Rs.50,000 out of such issue. The amount which would be construed as taxable dividend in the hands of Sumit, would be

Munmun India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000 out of which it distributed profits of Rs.1,00,000, to its shareholders in cash. Sumit received Rs.50,000 out of such payment. The amount which would be construed as dividend in the hands of Munmum India, liable to DDT would be

Munmun India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000 out of which it distributed profits of Rs.1,00,000,to its shareholders in cash. Sumit received Rs.50,000 out of such payment. The amount which would be construed as dividend in the hands of Sumit, liable to income-tax would be

Tuntun India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000. It distributed assets of Rs.1,00,000, with a market value of Rs.2,00,000, to its shareholders. Sumit received assets worth Rs.50,000 of book value out of such distribution. The amount which would be construed as dividend in the hands of Tuntun India, liable to DDT would be

Tuntun India Private Limited, an Indian company, has accumulated profits of Rs.5,00,000. It distributed assets of Rs.1,00,000, with a market value of Rs.2,00,000, to its shareholders. Sumit received assets worth Rs.50,000 of book value out of such distribution. The amount which would be construed as dividend in the hands of  of Sumit, liable to Income-tax would be