PROFITS AND GAINS FROM BUSINESS OR PROFESSION
Set 1: 25 Que: 25 Marks
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1- Out of the followings which shall be allowed as deduction while computing income under the head PGBP?
1 point
Clear selection
2- Out of followings who is not regarded as relative of Individual for the purpose of section 40A(2)?
1 point
Clear selection
3- The presumptive taxation scheme of section 44AD can be adopted by __________.
1 point
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4-  In case of a person opting for section 44AD, business income shall be computed on presumptivebasis, i.e., @ _____________ of the turnover or gross receipts of the eligible business for theyear if turnover/gross receipt is received by an account payee cheque or an account payee bankdraft or use of electronic clearing system through a bank account during the previous year orbefore the due date of filing of return under section 139(1).
1 point
Clear selection
5- The presumptive taxation scheme of section 44ADA can be adopted by __________.
1 point
Clear selection
6- In case of a person adopting the provisions of section 44ADA, income will be computed on presumptive basis, i.e., @ _________of gross receipts of the specified profession.
1 point
Clear selection
7- The presumptive taxation scheme of section 44AE can be opted by a person who is engaged in the business of plying, hiring or leasing of goods carriages and who does not own more than________ goods vehicles at any time during the year.
1 point
Clear selection
8- Disallowance of interest, royalty, fees for technical services or any other sum payable outside India to any person or in India to non-residents, due to default in adhering TDS provisions is governed by section_______.
1 point
Clear selection
9- Any expenditure incurred by an assessee in respect of which payment has been made to the specified persons is liable to be disallowed under section 40A(2) while computing income under the head “Profits and Gains of business or profession” if such payment is__________ the fair market value of goods or services or facilities, etc.
1 point
Clear selection
10- Mr. Kapoor obtained services worth Rs. 1,00,000 from his relative while fair market value of these goods is Rs. 80,000. In this case, Mr. Kapoor is entitled to claim deduction of ____________on account of services procured from his relative.
1 point
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11- For the purpose of section 40A(2), person is said to have substantial interest in the company if he holds beneficially ____ or more of the equity capital at any time during the previous year.
1 point
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12- Mr. Raj purchased goods worth Rs. 2,00,000 from an unrelated dealer. The fair market value of these goods is Rs. 1,50,000. In this case, what may be the amount of disallowance while computing income under the head “PGBP”?
1 point
Clear selection
13- Payment (other than payment made for plying, hiring or leasing goods carriages) made in excess of Rs._______ otherwise than by an account-payee cheque or an account-payee demand draft is to be disallowed under section 40A(3).
1 point
Clear selection
14- Payment made for plying, hiring or leasing goods carriages in excess of _______ otherwise thanby an account-payee cheque or an account-payee demand draft is disallowed under section40A(3).
1 point
Clear selection
15- In certain circumstances, the provisions of section 40A(3) shall not apply. These circumstances are enumerated in Rule______.
1 point
Clear selection
16- Payment made to the producer for the purchase of the products manufactured or processed,without the aid of power in a ____________, shall not attract disallowance under section 40A(3).
1 point
Clear selection
17- Mr. Jay purchased goods in cash amounting to Rs. 1,10,000 from his relative while fair market value of the goods is Rs. 90,000. In this case under which section(s) disallowance may be attracted?
1 point
Clear selection
18- Mr. Mohan purchased goods worth Rs. 1,00,000 from his sister. The fair market value of the goods is Rs. 1,20,000. Entire amount of Rs. 1,00,000 was paid in cash. Ascertain the amount of disallowance under section 40A(2)?
1 point
Clear selection
19- Mr. Mohan purchased goods worth Rs. 1,00,000 from his sister. The fair market value of the goods is Rs. 1,20,000. Entire amount of Rs. 1,00,000 was paid in cash. Ascertain the amount of disallowance under section 40A(3)?
1 point
Clear selection
20- Mr. Mohan purchased agricultural products from his sister who is the cultivator of these agricultural produce. He purchased the same for Rs. 2,00,000 though fair market value was Rs.1,80,000. Entire amount of Rs. 2,00,000 was paid in cash. Find out the amount which may be disallowance under section 40A(3)?
1 point
Clear selection
21- Under section _______, certain payments are disallowed, if not paid on or before the due date of filing the return of income.
1 point
Clear selection
22- ABC Ltd. maintains books of account on mercantile basis. For the previous year 2018-19, interest payable on term loan taken from a Co-operative bank was Rs. 5,50,000. Out of Rs. 5,50,000, it had not paid Rs. 55,000 till the due date of filing the return for the previous year 2018-19. In which year can such Rs. 55,000 be deductible.
1 point
Clear selection
23- Section ________ deals with the provisions relating to depreciation allowance while computing income chargeable to tax under the head “Profits and Gains of business or profession”.
1 point
Clear selection
24- If the asset is acquired during the previous year by the taxpayer and the same is put to business use for less than _____ days during that year, then taxpayer can claim depreciation at _______.
1 point
Clear selection
25- Mr. Raja is a practicing Chartered accountant in his individual capacity. He owns office building used for his profession on which he can claim depreciation at the rate of_____?
1 point
Clear selection
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