IFOS

Interest on Income tax refund is an income from other source.

• True
• False

Any sum received including bonus under keyman insurance policy is taxable under the head income from other sources.

• True
• False

Deduction for family pension income is 33%.

• True
• False

Any Interest, salary paid or payable outside India on which tax has not being deducted at source will not be allowed as deduction.

• True
• False

Gift in contemplation of death of the payer is taxable.

• True
• False

Expenditure incurred to maintain the horses shall be allowed as deduction to the assessee being the owner of the horses maintained by him for running in horse race.

• True
• False

Winning from lotteries, cross world puzzles, horse races & other races, card game, etc. are casual income & hence fully exempt.

• True
• False

For computing of income from lottery, cross world puzzles, races, card games etc., the assessee shall be entitled to deduction for purchase of ticket/ any expenditure incurred for earning such income.

• True
• False

Dividend declared by Mutual fund is taxable in the hands of the shareholders.

• True
• False

Income under the head income from other sources is taxable on due basis.

• True
• False