14.

2 FILL IN THE BLANK S

1. Previous year means thef'/<1MJ~ ear Immediately preceding 3'6 assessm ent year.
2. The first previous year of a newly set up business can be LeM1bQt'I 2 months. ~
3. A period of twelve months commencing on the first day of April every ~e~r is called
4. An assessment is defined under Income-tax Act to include ~~ j ~
5. A person by whom any tax is payable under the act is known as an ./l ~ e e
6. The law gove~in g income _ tax is specified in The Income-tax Act, (96 j (1961 / 196i
7. The rules for 1mplementat1on of income tax are contained in Income-tax Rules, ..:.1....19t..= 6;...;:;..-
(1961 /1962).
8. Assessment year is defined in Section 219) [2(9) / 2(8)] of the Income-tax Act.
9. Previous year is defined in Section 3 [ 2 / 3 / 4] of the Income-tax Act.
10. Person is defined in Section ~(3 I) (2(31) / 2(24)] of the Income-tax Act.
11. Income is defined in Section ~ 1-i [2(8) / 2(24)] of the Income-tax Act.
12. Assessment is defined in Section _,,.~..... ,.~ [2(8) / 2(9)] of the Income-tax Act.
13. Assessee is defined in Section ..J ~ [2(7) / 7 (8) / 2(9)1 of the Income-tax Act.
14. Charge of income-tax is laid down in Sectio n--~----- (2 / 3 / 4] of the lncom~ -ta Act.
15. The legal status under the Income Tax Act of Dhiren a minor son of Kishor, is ' 0
'
..

16. The legal status under the Income Tax Act of Mukand Steel Ltd., is Co~ ~ "c¼ J f01H'1"1
17. The legal status under the Income Tax Act of Mumbai University, is f\J3 J l\~ -:rv.ru c-r. •
18. The legal status under the Income Tax Act of Safalya Co-op.Housing Society Ltd., is ~ ~f~
19. The legal status under the Income Tax Act of New India Bank Ltd., is (C'f t, ' -~ q · f'?F
20. The legal status under the Income Tax Act of Mumbai Port Trust, is- LOCO.:. . J
21. The legal status under the Income Tax Act of Ms. Madhuri Dixit, is · L:-d ' \,\ 11 , • ,• •~
22. The legal status under the Income Tax Act of Baroda Municipal Corporation, is lpro!'
~ - Jon
23. The legal status under the Income Tax Act of Mr. Matwala, a person of unsound mind, is IC: I "t
''
24. The~ status under the Income Tax Act of A joint family of Mr. Sunii, his wife and two sons, is
)tj ~ .\)..«)j"' ., ~ r - . /
25. The legal status under the Income Tax Act of A joint venture betwee n-Mr. Ct tractor, ~r. P.aintel\
and Mr. Cemen twala for constru ction of Kalpataru Building, is l 1
\ f 6>
0

tr' ' 1 0-J ~

?6. The legal status under the Income Tax Act of Mr. Dhannaraja anc:Hiis ou5 : ~oining
togethe r to purchas e a lottery ticket and sharing the prize, if any, equally, is ~

J:n~ \'ft
 FILL IN THE BLAN KS
9.2
1. An individual shall be deemed to be of Indian origin if
he or any of hi~ foll ~~ or ~.u..;: :;.:..;. ~

were born In undivided India.

2. Income whic h~ru e or arise outsid~ India fr<;2_m ~ ,busin
ess contr olled from India is taxab le in
caseo tReM ol~ and NoO - oq: li~ ~etic )C... ~
and plans to stay here for 330 days .
3. M, a person of Indian origin visited India on 11-11-2020
in India for 759 day&. Earli er to that he
During 4 years prior to previous year 2020-21, he was
be \ C" • ., ('.lJ ~ er-::'
was neve r in India. For asses smen t year 2021-22, M shall
4. Section E of the Incom e-tax Act defin es the scop e of incom e.
a perso n.
5. Section 6 of the Incom e-tax Act defines the resid entia l statu s of
 rs .,,,.,n,n·,1w"Jt1\Uiliii1-1■
Write a short note on :
1. Heads of Income
[Ans.: Pars 1.1]
2. Importance of heads of income
[Ans.: Pars 1.2]
3. Total Income and Different Heads [Ans.: Pars 1.5]

3.1 FILL IN THE BLANKS s

1. As per S. 14 of the Income-tax Act, there are ~ heads of Income..
2. Income computed under each head, when added together is called Ctr (05> (Gross / Net)
total income. · ,.~
3. Rent received from tenant of a house property is classified as Toc.oN"f J-rorn ltol).be f\'",- - ~¥
4. Lottery prize won is charged to tax under the head ____ (lnc~m Ot~urces /
Capital Gains). ·

3.2 STATE WHETHER TRUE OR FALSE

1. Perquisites received by employees are taxed as Income from other sources.
2. Profit made on sale of old house is taxed either as business income or capital gains.
3. All heads of income as defined under S.14 are mut~ally exclusive.
4. Rules for computation of income under all heads are the same.
5. Gross Total Income is the sum total of income of the assessee, during the previous year, from all
 -- -- -- -
(a) Salary ~ ncome from ofner sourc:ss- -- --
(c) Income from business (d) exempt Income

10.2 FIL L IN TH E BL AN KS
head
he is a partner is taxable under the
1. Saltlr~ by the partner from the firm in which
B ~u f'l \e
Erop)'(j
e only if there is a relationship of
f cnp~~
<!land
2. Inco me und er the hea d sal ary is tax abl U
between the pay er and the payee. iness).
Sal ary ' is tax abl e und er the hea d __ __ ( S ~ / Profits from bus
3. 'Profits in lieu of
e to an em plo yee on term ina tion of service is a capital receipt. It is
4. Compensation pay abl
_ _ _ (T ~e I Non-taxable). amounting
ary off 2,0 0,0 00 to em plo yee Ma nd undertakes to pay the income-tax
5. A Ltd . paid sal salary of M shall be
6,120 dur ing the pre vio us yea r 2020-21 on behalf of M. The gross
to t'
J ,66,12D d by em plo yer on, the behalf of employee is a _
_ __
6. Medi-claim ins ura nce pre miu m pai
(T ~e I Taxable) perquisite . r in excess of
's con trib utio n to rec ogn ise d pro vident fund during the previous yea
7. Employer
I~·/ · of basic salary is taxable as salary. -go ver nm ent em ployee is l ~ ,
00 IO ~
t gra tuit y for a non
8. Amount notified as exe mp -government employee
J./ 3 of com mu ted pen sio n received (alongwith gratuity) by a non
9.
is exempt from tax. t).
ve enc ash me nt rec eive d whi le in service is _ _ _ _ (ta~ e / exemp
10. Lea
•
Di rec t Ta x (T. Y.B. Co m. : sa
I 00 ,,"')
d underta
11 . M pays a sa Iary of t 2 •so 000 to his employee V anbehalf of kes to pay the Income Tax amounti
•
to t 49,980 duling the J> .r, ~~ us year 2020-21 on V Gross salary of V for As
· se ss m~ t
,ea r 2021 .22 is ,
v
-<1~~-
12 . M was employed on 1-4 13 I th grade ol f 15,00 0-4 00 -17 00 0-5 00 ·22 ,00 0. G ross sa
-20 n e, ooo , lary fo
Assessment Year 2021-22 r
13. M wa s employed on 1-8 is t :J' 1
f t 15 ooQ-400-17,0 00 ·50
was Jtxed -2017 in the
at t 16,200 from the date grade o Gr~ss salary for ASSessment Year
of Joining.
0-2 2,0 00 and his salary
20 21 -22 ls
t Io&1 OCO
14. M who Is entrtled to a Id n last da y of the month
Salary of t 10,OOO p.m. pa , too k an advance
, 20 ,00 0 on 1'3· 20 20 a~ain ti
st the salary In the mon of March 20 20 . Gr os s sa lar y for Assessmen 01
t
Year 20 21 -22 is t ) 1 ol
OO .f>
15 . M who Is entitled to Sa
of Ap ril and May 2021 alo lary of t 10 ,00 0 p.m . took
ng with Salary of March ;g;~ nee salary from hiS em plo
on
ye r for the month
31 -3 .2 02 1. Gross sa lar y for Assessment
Year 20 21 -22 is t I ,
16. M Is employed with V 4 O C0 0
I
Ltd., at a salary of t 1 0,0OO V Ltd was In fin an cia l
cri sis , It
sa lar y of January 20 20 to
March 20 20 to M only In
p.m ., A: Gr os s sa lar y for As se ss paid the
Ju Y 02 0 • me nt Year
20 21 -22 is t I , ~,O
17. Sa lar y of M is f 10 ,00 0 ,ooo ·
p.m
20 20 In March 20 20 Itself . M ha d taken Salary in advance for the monlthsf of A ril 20.20 to Ju 9J>
18 . M wh o was worklng
. Gr os s salary for Assessm
with another company join
ent Ye ar 20 2 1 · 22 s 1
~ . ne
Sa lar y of f 10,00 0 p.m. ed the present em ~o ~e
His salary becomes due r w.e.f .ls~~ :~ ieo d~t a
pe ns ion of f 4 00 0 p.m. on first of ne xt mo nt ·
t 1, ks:, ooo
19 . Da ya Ma rak Is a go
from his former employe
r. Gr os s sa lar y for As se
e wa s a
ss ment Year 20 21 ·22 is
O_ a
vernment employee. He
all ow an ce O f 30 0 p.m draws a monthly sa lar y
. He gets t 50 0 p.~ as en of f 5,0 00 andl de am es
tow ard s en ter tai nm en t tertainment all ow an ce .Th s
all ow an ce is f ~
e am ou nt of de du cti on
20. X a Go ve rnm en t emplo
yee receives f 50 ,00 0 as
His ac tua l endlture on entertainmen salary an d f 12,00 0 as En
is~ So 00
21 . Sh ob hit is ge ttin g a pe
t is only f 3,0 00. Th e dedu tertai nm en t All ow an ce .
ction for en ter tai nm en t
all ow an ce
nsion of ? 3,0 00 p.m. fro
thr ee -fo urt h of his pe ns m a co mp an y. Du rin g the
ion co mm ute d an d receiv pre vio us ye ar he go t
gra tui ty ea rlie r, the ex em
pt am ou nt is f _ , _ _ eg ~ 2,4 0,0 00 . As su mi ng
-r tha t he als o rec eiv ed
22 . C ret ire s fro m se rvi ce
on 30 -11 -20 20 . He is in
pa ya ble on the las t da receipt of~ 3 ,00 0 p.m . as
y of ea ch mo nth . On 1-2 pe nsion up to 31 -1 -20 2
for ~ 1,2 0,0 00. He is an -2021 , he ge ts tw o-third 1,
ex -em plo ye e of Central of his pe ns ion co "f ute
23 . Mr. X Is em plo ye d Go vt. Th e am ou nt of pe d.
in AB C Ltd. an d the em ns ion tax ab le is ~ 00 0
~ 17 5 p .m . pe r ch ild plo ye r ha s paid him ch ild ren ed uc
for thr ee ch ild ren . In thi ati on alt ow an ce of
24 . Mr. X Is em plo ye d s ca se , tax ab le am ou nt
In AB C Ltd . an d the em sh all be t " , 0 ---:b
? 45 p.m . pe r ch lld for thr plo ye r ha s pa id him ch
ee ch ild ren. In this ca se ild ren ed uc ati on all ow
. tax ab le am ou nt sh all an ce of
25 . Mr. X is em plo ye d be ~ $' -f O
in AB C ltd . an d is ge ttin
for thr ee ch ild ren an d g ch ild ren ed uc ati on all
Mr. X ha s inc urr ed '5 00 ow an ce of t 75 p.m . pe
ca se tax ab le am ou nt sh p.m . on the ed uc ati on r ch ild
all be , "":'.l O · of ea ch of the ch ild In
thi s
10 .3 MA TC H TH E FO LL OW '
IN G CO LU MN S

Co lum n A
Co lum n B
1. Sa lar y to pa rtn er by fin
n
2. Sa lar y of a M.P. / MLA (a) Ca pit al Ga ins
3. Va lue of ren t-fr ee ac co (b) Pr ofi ts In lie u of sa lar y
mm od ati on (c)
4. Re ce ipt s fro m Ke ym an Bu sin es s Inc om e
Ins ura nc e Po lle y (d)
5. Pr ofe ss ion al Tax Ta x-f ree pe rqu isites
(e) Pe rquisites
(f) Inc om e fro m oth er so ur
ce s
(g) De du cti on fro m sa lar y
 17.2 FILL IN TH E BLANKS
1. In case of self-occupied property, the deduction on account of Interest 2n !t1e m~y borrowed
for the purpose of construction of such house property cannot exceed , •sf 1A91 .
2. Fair rent of house Is~ 1,50,000, standard rent~ 1,20,000 and annual rent~ ,{_,30,02£ flyiunicipai
taxes paid for 6 yrs. in advance Is~ 1,00,000 . The annual value shall beQ 1 o .
3. Municipal taxes are deductible from the gross annual value only when they _ _ __
(~ aid I Accrue)
4 . Income is taxable under the head house property only when the assessee is the _ ___
(~ I Occupant) of such house property.
5. Arrears of rent shall be deemed to be income of the previous year in which such rent _ __
(is r~ed / accrues) after deducting - - -,#°lo I 1/3) of such amount.
6. For a self-occupied house property occupied on July 1, 2017 for which housing loan was availed
if the interest up to March 31, 2019 is ~ 90,000 and thereafter the Interest payable is ~ 3,000 pe ·
month, the dedi.wtio~allable under section 24 in respect of interest for the year ended Marc~
31 , 2021 is~ ¼~ .
7. An Assessee, after sale of house property, receiving arrears of rent, ---:---¥1 is not)
chargeable !o tax; the same computed in the stipulated manner, shall be chargeaole to tax as
. (!ncome from other sources/ income ~ouse property / question does not ari
58
since there ,s not chargeability to tax).
8. Income of the property can be taxeq un!:' the n.e ho~se property only when the owner d
not occupy the property for his Bw:t1 C\~r ..,.1. ~~ ~'.l'l ~C'\ oes
9. Reasonable Lettable Value cannot exceed C Qe/d
,,\,
10. Net annual value of SOP is ~ ~ .....-"'-- ~",\.,
11 . M lets out his house to Va lawyer, who uses it as his law office. This .Ji)
(is / is not) taxed
as Income from House Property. .
12. Muses his house as the showroom for the goods produced by his factory Th' JJ)
not) taxed as Income from House Property. · is ---==-- (is/ is
13. M rents out his property as residential quarters to his employees This
taxed as Income from House Property. ·
;_s no - (. 1.
• 1s 1s not)
14. M enters into a written agreement to purchase a
!he consideration and taken the possession of th ~roperty from V fort 15,?0,000 . He has paid
1n the name of M. This ,:V (is I is t) t e ;operty but the property 1s yet to be registered
no axe as Income from House Property.
 ,,,e From House Property {S. 22-2 7/ 143
/11tO
. M owns a property, ~hich is given on lease to V for a period of 6 years, tease rent being
t ~5,000
15 th of years. This 16'>
per month. V has a right to get e lease renewed for a further period 6
Os; is not) taxed as lnco~e from House Property.
Mowns a property, which 1s given on lease to v for a period of one month v has a right to get
the
6
1 ·lease renewed for a p_ erlod of one mo~th, in each subsequent month, and ~uch renewal is possible
.
with mutual consent till 2024. This • M (is/is not) taxed as Income from House Property
M owns a property, which is given on rent to V. v annually pays t 50,000 as rent plus t
10,000
17· the charges for different services (like 11ft, security, etc.) provided by M. This t 10.000 • ¼
Os; is not) taxed as Income from House Property.
M owns an air-conditioned furnished conference hall. It is let out, annual rent being t 7 ,00,000d
.
aid 18· which Includes ~ 6,00,00 0 r,ent o~building as well as t 1,00,000 rent of air conditioner ao
the
furniture. This~ 1,00,00 0 A,!.!"P! (is/is not) taxed as Income from House Property, 20 00,000
. 1 'V< lue .,,;oo ooo
19.Municipa a \.>"'"' •' '
Fair Rental Value 18,00 ,000
Actual Ren t
The Gross Annual Value is ? - - -- 24,00,000
1wo 20. Municipal Value 24,00,0 00
Fair Rental Value 24,00,000
use standard Rent ~o.o oo
Actual Rent
ther The Gross Annual Value is ~ - - -- 36,00,0 00
40,00,000
21. Municipal Value
50,00,000
ther Fair Rental Value
~0,0 00
Standard Rent
Actual Rent
42,00,000
The Gross Annual Value is t - - - -
42,00,000
22. Municipal Value 30,00,0 00
Fair Rental Value
~0,0 00
cipal Standard Rent
Actual Rent
The Gross Annual Value is t - - - -
 , -w•,-- --,ti/7' •
,,,?_ 1ted pays GST for the llnancial year 202 . bel 199
c L1111 b8 disallowed as a deduction In asa 0 21 ore 3 0/09/2021 .
9
:in
'~~ISf 111 b8 allowed as a deduction In asseaaeasment year 2021-22
uS1
11 b8 allowed as a deduction In asse ment year 2021-22
(CJ GSf ::n b8 allowed as a deduC1Jon In ease sament year 2020-21
(di GSf a s the Excise Duty for Iha pravlou samont year 2022-2
3
,ABC Li d P J:,ty will never be allowed as de:J~ ~r 2019•20 on 01/10/2021 .
,! ~c.se II 8
.....,n,
1,1 8 Duty will be a owed as a deducrlon in assa
p,J£•cl;. Duty will be allowed ea a daduC1Jon In asse:: ment year 2021-2 2
c e DulY will be allowed as a deduction In ass ment year 2020-21
\
I
clS
.
lll'!r.t....,,.P.!
: essment year 2022. 23

011 Bw;
sale of Import licence Is taxed under the head
, p,ofrt of 8 business from trading business Is "s,oo, ooo an
l"leb'. :Income
• ~~ ()()0, d_ifni,!_ha_~8J!le previous year. Nat buslna s:
·
~Is loss lrom speculative business
•· IS C 1' ' f ~ ~ •~ ncome taxed during the prav10us
,will be •
'I'' 1100 under lnCOJPe•tax Is charged at the prescrib
~ oe~ (bloc ~asse t I Individual asset). ad rate on the written down value of
t snY 85 1y 50% of the normal rate. I RO days In the Yea r 01 acquis
lf!B set Is used for less than .
' I bf on ition, the deprec1a:ion rate
"'. uni on zero coupon bond Is deductible from business Inc
5 DjSCO basis) basis. u~
ome on - - - - (~ ._ta /
~plan ning expenditure of capital nature can be claimed b
farn1,, I I .-
6· stafmen s. Li l::i'~ y a company In --~.. _- equal
• ~rtisem _ent 1:Jb
F1ernunerat1on p Y
a flrm ~~~v~~~ expressly disallowed while computing business
\.00( L 1.rtn er is disallowed while computing the Income
income.
B dl9 fi(lll, I~
of
Etl)Bnses exceeding Jo,-cr:o ~aid Incas are disallowed. .+'
_
9 ductfon ror bonus or comm ission to employees is allowed
only on PP':f~~~ 1 even If
10.~ or account are mainta ined on the mercantile basis.
written down value of plants A, B, Con 01.04. 2020
rv ass
1\dd: 70 00 000
purchased plant D on 05.05. 2020 and put to use on 01 .12.2020
20 :oo:ooo
sare or plant A 18 oo ooo
Flete or Oepre clation "O
oepteclation t IO}~ )C:0:- ' 15
%
12_Written down value of plants A, B, C on 01.04. 2020
Add: purchased plant D on 05.05. 2020 and put to use on 05.05.2020 70,00, 000
sare or plant A 20,00, 000
Rate or Oepre cl~lo~
Depreciation t ~ I l-!J.1 C
~cc 18,00, 000
15%
3.Writlen down value of plants A, B, Con 01.04. 2020
10,00,000
Add:purchased plant Don 05.05.2020 and put lo use on 01 .12.20
20 20,00, 000
Sale or plant A
75,00,000
Rate of Depreciation •
15%
Depreciation f ) 1I~ 1 ~oo . _ O
Provision made on the basis of actuar ial valuat ion for payme nt of
(alowed I not allowe d) to be deduc ted from profits of busine ss.
gratuity f 5,00 ,000 Is .... fr_l_~--
,....1...
Tax on non monet ary perqu isite provid ed to an emplo yee t 20,000 is
311owed) to be deduc ted from profits of busine ss.
f\ui, r((::illowed I not
a.t(o&>-\..
'ayment oft 50,000 by using credit card for fire insura nce Is
_ _ _ (allo.lNE!d / not allowe d)
'be deducted from profits of busine ss. V
~~~I made in cash t 30,000 to a transp orter in a day for carriag e of goods
is
:,"ed I not allowe d) to be deduc ted from profits of busine ss.
 54. If notified securities for whi~h.. ''"' ua\,:, ur its acqu1s1t1on
into money or any Joan Is t kexemption has been claimed u/s 54EC are transferred or converted
(a) exemption allowed und:r en against the same within 3 years then t~e
;./amount exempt und s~ction 54EC shall be withdrawn by opening the old assessment
J' ;ear in which such t:r sect,_on 54EC earlier shall be long-term capital gain of the previous
ansactIon takes place
d incon, (c) the cost of acquisition of s h
e fr% exempt u/s 54EC earlier uc securities shall be reduced by the amount of capital gain

iUl!fi■IJf!=i=i=!t4~1Jii
1
• c~
. q;)
mean any profits or gains
· arising
· · from the transfer of a capital asset. •~
ltial Prope 2. a Zero Coupon .Bond is regarded as a transfer of capital asset. ~
1r rty 3. An.asset o~her than a C.~O[tt'en't°apital asset is regarded as a long-term capital asset.
4. Units of Unit Trust of India held for 14 mont~ is treated as ~ a p i t a l asset.
5. Capital gains are t~ed on A«.u..n.o.l
~spective pf the asse~see's method of accounting.
6. Transfer of depreciable assets gives rise to Short t ~ital gains. •
ential property 7. Cost of improvement in relation to goodwill of a business is taken to be N1\.., .
8. Optipn of substituting fair ,pfaket value as on 1-4-2001 as cost of acquisition is not available on
~•.aah\f.. and :Xotr•:f '):!ssets.
. .. . .. CII for year of ~
9. Indexed cost of Acqu1sItIon = Cost of AcquIs1t1on x CII for year of .. 4'of\
10. The capital gain arising from transfer by way of conversion of~ capital asset into stock-in-trade
will be chargeable to tax in the year when the stock is S,O\~ .
11 . X purchases a house property on April 10, 2016 and transfers it on July 6, 2020. This is a
transfer of a _ _ _ _ (Short I ~~&)ierm asset.
 4
250 Direct Tax (T. Y.B. Com.: SEM-J,:)
12. Y purchases listed shares in an Indian company on April 1O, 2015 and transfers it on July 6
2020. This is a transfer of a _ _ _ _ (Short/~ term asset. '
13. Z acquires units of a equity mutual fund on August 7, 2015 and transfers them on August 1o
2020. This is a transfer of a _ _ _ _ (Short/ ~ term asset. '
14. A purchases diamonds on October 12, 2010 and gifts the same to his friend Bon December31
201j. B transfers the asset on November 20, 2020. This is a transfer of a _ _ _ (Short/
~ g) term asset.
15. A dies 1-1-2021 leaving a house purchased by him on 15-1-2006 t~.~!;lon B. B sells this house
----&'9 /
on 20-3-2021 . The gain arising from such sale will be short) term.

16.3 MATCH THE FOLLOWING COLUMNS

1. Column A Column e
1. House for personal use (a) Long term capital asset
I
2. Personal Car
1
(b) Short term capital asset
3. Compulsory acquisition of an asset (c) Not a capital asset
4. Equity shares of Infosys Ltd. held for (d)
14 man (A
Capital asset
Nnt l::i trl::i n~for r
 umy ~ ~::>,uuu rs c111:u ytJau,o ,v """' •.
nsation ofr i ,50,oou ,eee,v eu uu
(CJ
19. The deduction in respect of interest on enhanced compe
the previous year 2020-21, would be L_ 1
(a) t 1.~o.ooo being 100% oft 1,so,0 00 ~ t 75,000 being 50% oft 1,50,0 00 2
(c) t 45,000 being 30% oft 1,50,000 (d) Nil 3
4
10.2 FILL IN THE BLAN KS
1. Any gift received by an individual from his relative is fully
Exwr~ 5
6
e is taxabl e under the head
2. A.n income which does~Jlot fall 4nder the first four heads of incom
:lnc.o ro<, ftc,tn CITT'\4'1. ~o~ u:~
from non-relatives is taxable 1
3. Amount exceeding ~ 5c,ooo received without consideration
under the head income from other sources.
__. e.~N'- ~~
under the head Jt)llO « . ~I)
4 . Agricultural income from Bangladesh is taxable

-
which divide nd distribution tax
5. Dividends from a _ _ _ _ (D- i c / Foreign) compa ny on
has been paid will not be chargeable to tax.
nment emplo yee who has been
6. Family pension received by member of the family of the gover 1. Inca
incom e.
awarded 'Param Vir Chakra' is _ _ _ _ ( ~ p t / Taxable)
. ~ p t / Taxable) income. 2. Divi1
7. Share of income received by 9 member of HUF is shat
8. Scholarships to meet (c.,'i:\: C't are exempt. ( I- "to.ht n
9. Amount received under a Life Insurance policy is l':!f """P' from tax but amou nt received under 3. Div~
a Ke,l'.man Insurance Policy is ,( )ct from tax. c .;tetmpt" . 4. Win
a Memb er of Legislative Assemb~ cas1
1O. ~ allowance anrt, E- '-"' ~, 'all0wance received by 5. For
; ~ t from tax.
_ _ (is / is-ottr taxab le. anti
11 . HK has received gift of" 50,000 in cash from his friend. It _ _
_ _ _ (is / ~ t ) taxable. 6. The
12. VJ has received gift of? 1,50,0 00 in cash from his brothe r. It _
fron
is le
 Jncome From Other Sources {S. 56-59/ 281
13. KS has received gift of t 1,50,000 In cash from his mother's sister. It - - - - (is I i~
taxable.
14. AC has received gift of t 1,50,000 in cash from his father's brother. It
taxable. (is / I ~
15. SM has received gift oft 1,50,000 in cash from his cousin. It __
.$1 is not) taxable.
16. VB has received gift oft 1,50,000 in cash from brother of his spouse
taxable. . I t - - - - (is I ~ t )
17. HA has received gift oft 1,50,000 in cash from his grand father.,, _
_ _ _ (is/ I ~ taxable.
rthe 18.AB has receive d gift oft 1,50,000 in cash from husband of his sister.
It _ _ _ _ (is I ~ t )
taxable.
19. SD has received gift oft 1,50,000 In cash from sister of his brother's
wife. It - - - -~ ' is
tes• not) taxable.
20. AK has received gift of t 1,50,000 in cash from the sister of his spouse
. It , , is not)
taxable.
21. SY has received gift of t 5,000 in cash on his birthday from each
of his eleven friends. It
- ¥ i s not) taxable.
22. RS has received gift of t 1,50,000 in kind from his friend. It -.. Y. '
23. NK has received gift of t 1,50,000 in cash from his friend on the occasi
is not) taxable .
on ot his marria ge. It
_ ___ (is I i~1) taxable.
24.AN has received gift oft 75,000 in cash from his fiancee. It
(.is 1 is not) taxable.
25. A sum of t 1,20,00 0 was received as gift from non-relatives by
Raj on the occasi on of the
marriage of his son Pravin. It _ _ __ (jc, I is not) taxable.
26. Cash gift of f 51 ,000 received by VM from her friend on the occasi
on of her 25 th weddin g
his anniversary. It - - -· (.fu; / is not) taxable.
27. A received a chequ e for t 18,000 as interest net of TDS @ 10% on
deben tures of B Tea Ltd
worth f 2,50,0 00 held by him. The amount taxable under Incom e
from other source s is
~ ~010 -"'-' ; and TDS is t " .,
28. Mrs. SB receives t 75,000 as yearly family pension after the death
of her husba nd. She pays
~ 2~0 per month to AB to collect it from the office of the employ
er. The net taxable pensio n is
~ fuO )OQO

X 10.3 MATC H THE FOLLOWING COLUMNS

 15.2 FILL IN THE BLANKS
1. Deductions ~der sec. 80 of the chapter VI A of the Income tax act are allowed form
(Gross t~ncome I Net income).
2. Gross total income, for the purpose of computing maximum limit of chapter VI A (Sec. BO) -
deductions does not include _ _ _ _ (Income from speculation business I I o n ~ capit~I
gains). ·
3. Deduction u/s SOC in respect of tuition fee is allowed to the maximum extent of 1,5°,owfor \.
two children. z,
4. Payment of life insurance premium on policies issued before 31-3-2012 in exc~ss of ;?Ci·)=- \1.
of the sum assured shall not be included in the amount deductible under section 80C.
5. Deduction u/s SOC in respect of time deposit in post office is allowed it the deposit is for a period ,.
of S years.
6. Deduction claimed in the past u/s soc in case of ULIPr-Phanaraksha is withdrawn if a ULIP plan ,.
is terminated before contributions were made for---= ----:: years.
7. Total deduction u/s SOC and u/s 80CCC cannot exceed ~ \ ) 5°, ti£? ·
8. Maximum amount of deduction u/s BOD for mediclaim insurance premium of a resident senior 6.
citizen is ~ So I oc:J;.
9. Ded!J<?tion u/s 80DD in respect of maintenance of a handicapped dependent is allowed to
::iO~f" or ~ \.)~ only.
10. Amount deductible u/s 80DO for maintenance of a handicapped dependent is ~ cot,_,
. - 0 '
11. Deduction u/s SOE is available for interest on loan for higher eduction to - 4 , + , ~ ~ ~ only.
12. The deductio?::/s SOE for payment of interest on loan for higher eduction is allowed for a maximum
period of -...::~.......- - years.
13. Deduction u/s SOU for handicapped individual is not available if the individual is suffering from
less than HO•/ • disability.
14. Amount deductible u/s SOU in respect of a person with severe disability is I l SI
I 0~ · -
15. Mr. Z has paid a sum of~ 65,000 on 30-11-2020 as tuition fees to a university in Australia. The
amount deductible under section BOC tor A. Y. 2021-22 is \- ' · ..,,, .
16. Where an individual has repaid in the second year, ~ 20,000 towards principal and t 60,000
towards interest on eliWble education loan from an approved bank, the deduction available
under section SOE is .ob,1
q;,~.
17. The maximum qualifying limit for deduction under section BOC, 80CCC and 80CCD(1) is
) t :,b,ood
18. Life Insurance Premium oft 25,000 was due on 27-03-2020 but it was paid on 10-04-2020. In
this case deduction u/s SOC will be allowed in the previous year _ _ _ _ (2~1/2021-22).