PROFITS AND GAINS FROM BUSINESS OR PROFESSION
Set 2: 25 Que: 25 Marks
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1- X Private Limited owns block of assets consisting plants P, Q and R (depreciation rate 15%). The opening WDV of the block was Rs. 20,00,000. Find out the amount of depreciation as per the provisions of section 32. *
1 point
2-  X Private Limited owns block of assets consisting plants P, Q and R (depreciation rate 15%). The opening WDV of the block was Rs. 20,00,000. The company acquired another plant S of Rs. 1,00,000 during the previous year and it was put to use for a period less than 180 days during the same previous year. Find out the amount of depreciation as per the provisions of section 32. *
1 point
3- X Private Limited owns block of assets consisting plants P, Q and R (depreciation rate 15%). The opening WDV of the block was Rs. 20,00,000. The company acquired another plant S of Rs. 1,00,000 during the previous year and it was put to use for a period less than 180 days during the same previous year. It sold out plant P for Rs. 1,00,000 during the previous year. Find out the amount of depreciation as per the provisions of section 32. *
1 point
4- X Private Limited owns block of assets consisting plants P, Q and R (depreciation rate 15%). The opening WDV of the block was Rs. 20,00,000. The company acquired another plant S of Rs. 1,00,000 during the previous year and it was put to use for a period less than 180 days during the same previous year. It sold out plant P and plant R for Rs. 22,00,000 during the previous year. Find out the amount of depreciation as per the provisions of section 32 *
1 point
5- X Private Limited owns block of assets consisting plants P, Q and R (depreciation rate 15%). The opening WDV of the block was Rs. 19,00,000. The company acquired another plant S of Rs. 1,00,000 during the previous year and it was put to use for a period less than 180 days during the same previous year. It sold out all the plants for Rs. 8,00,000 on the last of previous year. Find out the amount of depreciation as per the provisions of section 32. *
1 point
6- Mr. Priyesh purchased goods worth Rs. 1,00,000 from his friend Mr. Rudra for trading purpose.The market value of such goods is Rs. 80,000. Find out the amount of disallowance under section 40A(2)? *
1 point
7- Section _______ deals with the deductibility of expenditure incurred by the assessee in respect of rent, rates, taxes, repairs and insurance for building under the head “Profits and Gains of business or profession”. *
1 point
8- As per the provisions of section 31, in respect of which of the following assets the expenditure like repairs (not being a capital expenditure) and insurance are deductible? *
1 point
9- Which of the following expenses are deductible under section 31? *
1 point
10- The provisions relating to deductibility of bonus or commission paid to employees are governed by section_______. *
1 point
11- Provisions relating to deductibility of interest on capital borrowed for the purpose of the business of the assessee are governed by section ________. *
1 point
12- The provisions relating to presumptive taxation scheme applicable to an assessee engaged in any profession prescribed under section 44AA are given in section ________? *
1 point
13- Mr. Kajju, resident, runs a small business. During the previous year, the turnover of his business was Rs. 90,00,00. He wants to adopt the provisions of section 44AD. In this case what can be the taxable income under the head PGBP? *
1 point
14- The provisions relating to presumptive taxation scheme prescribed under section 44AD are not applicable to ___________. *
1 point
15- An assessee whose turnover does not exceed __________ can adopt the presumptive taxation scheme of section 44AD subject to certain conditions. *
1 point
16- The provisions relating to presumptive taxation scheme applicable to an assessee engaged in the business of passenger transportation may be governed by section ________? *
1 point
17- The provisions relating to presumptive taxation scheme prescribed under section 44AE are applicable to an assessee engaged in the business of ___________ *
1 point
18- The provisions relating to presumptive taxation scheme prescribed under section 44AE are applicable to an assessee engaged in the business of plying, hiring or leasing of carriages if the assessee does not own more than ____ goods carriages at any time during the previous year. *
1 point
19- Mr. Sunil is engaged in leasing of goods carriages and opted for section 44AE in the first year of its business. The business was commenced in the month of April. He commenced this business by investing Rs. 30,00,000 in goods carriages. In second year, he would like to opt out of Section 44AE. How much depreciation can he claim in second year of his business assuming that there are no new purchase or sale of goods carriages after commencement of business? *
1 point
20- The condition of “actual payment” is not relevant for claiming deduction under section _____. *
1 point
21- One of the upper limits for claiming deduction under section 33AB of the Act is ________% of profits or gains of business or profession before making any deduction under this section and u/s. 72. *
1 point
22- One of the upper limits for claiming deduction u/s 33ABA of the Act is ________% of profits orgains of business or profession before making any deduction under this section and u/s. 72. *
1 point
23- The assessee can utilize the amount withdrawn from Tea Deposit Account under section 33ABof the Act for the purchase of ___________. *
1 point
24- The amount withdrawn from Tea Deposit Account under section 33AB of the Act in the event of__________ is taxable. *
1 point
25- The amount withdrawn from Site Restoration Fund Account under section 33 ABA as reduced by the amount payable to _____________ shall be deemed to be the business income in the year in which it is withdrawn. *
1 point
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