Income Tax: Profit & Gains of Business or Profession
25 Que, 25 Marks
Sign in to Google to save your progress. Learn more
Your Name *
Address *
Contact No *
Mail id *
1- Tubelight Ltd., an Indian company commenced business on 1.2.2019. It incurred preliminary expenses of Rs.35 lakhs during the period from 1.4.2018 to 31.1.2019. The cost of the project is Rs.5 crore. The following are the details as on 31.3.2019: Issued Share Capital - Rs.3 crore;Share Premium - Rs.50 lakhs; Debentures - Rs.1 crore; Long-term borrowings - Rs.2 crore.The deduction under section 35D for P.Y.2018-19 is - *
1 point
2- Y Ltd. purchased computers of the value of Rs.10 lakhs in November, 2018 and installed the same in its office. The depreciation allowable under section 32 for A.Y.2019-20 is respect of the same is – *
1 point
3- Mr. X, set up a manufacturing unit in Warangal a Notified Backward Area in the state of Telangana on 01.06.2018. It invested Rs.30 crore in new plant and machinery on 1.6.2018.Further, it invested Rs.25 crore in the plant and machinery on 01.11.2018, out of which Rs. 5 crore was second hand plant and machinery. The depreciation allowable under section 32 for A.Y.2019-20 is *
1 point
4- X Ltd., a company engaged in the business of manufacturing, paid Rs.2 lakh to Indian Institute of Science, Bangalore (an approved and notified Scientific Research institution) for scientific research. It also incurred capital expenditure of Rs.12 lakh (including cost of acquisition of land Rs.5 lakh) on in-house research and development facility as approved by the prescribed authority. The deduction under section 35 for A.Y.2019-20 would be *
1 point
5- If all the members in AOP are taxed at slab rates and all members income is less than maximum amount not chargeable to tax then WHAT is the tax rate applicable to AOP *
1 point
6- Rent paid to members of AOP is *
1 point
7- Interest paid by members to it's AOP is *
1 point
8- If shares of members are not determined at the time of formation and one of the member in AOP is foreign company then tax rate applicable to AOP *
1 point
9- Remuneration paid to members by AOP *
1 point
10- If net income of AOP includes long term capital gains on transfer of building then it will be taxed at *
1 point
11- Association of person is liable to pay tax at maximum marginal rate. What will be the tax treatment of share income received by members from AOP *
1 point
12- Group of assets falling within a class of assets comprising of tangible & intangible assets is known as : *
1 point
13- Rate of depreciation chargeable on temporary wooden structure for the assessment year 2019-20is - *
1 point
14- Under the Income-tax Act, 1961, depreciation on machinery is charged on - *
1 point
15- While computing the actual cost of any asset falling within a block, direct costs attributable to bring asset to its present location and working condition for its intended use (i.e. expenses incurred for acquiring the asset e.g. - freight, insurance, loading and handling etc. and expenses incurred in connection with the installation of the asset shall: *
1 point
16- While computing the actual cost of any asset falling within a block, amount of duty of excise or additional duties of customs levied on it and included in its cost, in respect of which claim of CENV AT credit has been made and allowed under the CENVAT Credit Rules, 2004, shall be: *
1 point
17- In which of the following case no depreciation is allowable _ *
1 point
18- Where an asset used for scientific research for more than three years is sold without having been used for other purposes, then the sale proceeds to the extent of the cost of the asset already allowed as deduction under section 35 in the past shall be treated as _ *
1 point
19- XYZ Pvt. Ltd. was engaged in the business of manufacturing fertilizers located in the backward area of State of West Bengal. Opening WDV of the block of plant and machinery was Rs. 80 crores. During the year, asset was acquired under this block on 11th July 2018 amounting to Rs.150 crore. Rate of depreciation of the block is 15%. Calculate the WDV of the block of asset. *
1 point
20- Opening WDV of the block of assets was Rs. 15, 00,000. During the year, asset was acquired under this block on 15th June 2018 amounting to Rs.10, 00,000. Rate of depreciation of the block is 15%. Calculate the amount of depreciation available during the previous year for the block. *
1 point
21- Opening WDV of the block of assets was Rs. 15, 00,000. During the year, asset was acquired under this block on 1St June 2018 amounting to Rs.10, 00,000. One of the asset falling within the block was sold for Rs.5, 50,000 on 14-01-2019. Rate of depreciation of the block is 10%. Calculate the amount of depreciation available during the previous year for the block. *
1 point
22- Opening WDV of the block of assets was Rs. 15, 00,000. During the year, asset was acquired under this block on 15th January 2019 amounting to Rs. 10, 00,000. One of the asset falling within the block was sold for Rs. 5, 50,000 on 14 January 2019. Rate of depreciation of the block is 10%.Calculate the amount of depreciation available during the previous year for the block. *
1 point
23- Opening WDV of the block of assets was Rs. 25, 00,000. During the year, asset was acquired under this block on 11th October 2018 amounting to Rs. 15, 00,000. Also, moneys payable in respect of asset falling within this block was Rs. 38, 00,000. Rate of depreciation of the block is10%.Calculate the amount of depreciation available during the previous year for the block. *
1 point
24- A Ltd. owns machinery (rate of depreciation is 15%), the written down value of which as on 1stApril, 2018 is Rs. 30, 00,000. Due to fire, entire assets in the block were destroyed and the insurer paid Rs. 25, 00,000. The eligible depreciation in respect of this machinery is ______ *
1 point
25- Amit, deriving business income, owns a car whose WDV as on 1st April, 2017 was Rs. 3, 00,000.This is the only asset in the block of assets with rate of 15%. It is estimated that one-third of thetotal usage of the car is for personal use in both years. The WDV of the block of assets as on 31stMarch, 2019 would be - *
1 point
Submit
Clear form
Never submit passwords through Google Forms.
This content is neither created nor endorsed by Google. Report Abuse - Terms of Service - Privacy Policy
Google Forms