Income Tax: Profit & Gains of Business or Profession
25 Que, 25 Marks
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1- Is it necessary to acquire and put to use the New Plant & Machinery in the same Previous year for claiming additional depreciation u/s 32(1)(iia) ? *
1 point
2- Asset 'X' is purchased on 15th November of the current previous year and put to use on the same day. Depreciation on this asset for the current previous year: *
1 point
3- Asset 'X' is purchased on 15th November of the current previous year and put to use on 15th February of next previous year. Depreciation on this asset for the current previous year: *
1 point
4- Asset 'X' is purchased on 15th November of the current previous year and put to use on 15th February of next previous year. Depreciation on this asset for the next previous year: *
1 point
5- Mr. Raj took a building on rent for business use and incurred expenditure on repairs of capital nature. In respect of this expenditure: *
1 point
6-Additional depreciation u/s 32(1)(iia) is available in which year? *
1 point
7-  Deduction U/S 31 of repairs and insurance premium is available in respect of which assets? *
1 point
8- Out of the following, which asset is not subject to additional depreciation? *
1 point
9- What is the rate of additional depreciation? *
1 point
10- Which asset is not eligible for additional investment allowance U/S 32AD? *
1 point
11- What is the period during which additional investment allowance U/S 32AD is available? *
1 point
12- Asset 'X' is purchased on 1st December 2018 and put to use on 1st March 2020, additional investment allowance U/S 32AD: *
1 point
13- Additional depreciation U/S 32(1)(iia) for assesse who is also eligible for additional investment allowance U/S 32AD; *
1 point
14- Deduction U/S 35, for capital expenditure is an allowance against profit? *
1 point
15- Which assesse is eligible for deduction at 150% for expenditure incurred for scientific research? *
1 point
16- Out of the following, which expenditure is allowed as deduction U/S 35AD? *
1 point
17- Mr. Vicky purchased asset costing 10,00,000 on 1st June of the current previous year and put touse the asset on 1st February of the current previous year. Asset was financed by a bank throughloan of 70% at 12% p.a. On the basis of above, what will be the actual cost of asset as per section43(1)? *
1 point
18- Interest payable by firm to its partners is allowable as deduction under which section to the firmwhile computing pgbp income? *
1 point
19- Salary, bonus, commission, and remuneration payable by firm to partners is allowable as deduction under which section to the firm while computing pgbp income? *
1 point
20- ABC Ltd., incurred advertisement expenditure of Rs. 15,00,000. Out of which 5,00,000 was foradvertisement on TV, 2,50,000 on radio, 3,50,000 in manifesto of political party, 4,00,000 innewspaper. What is the amount of deduction while computing pgbp? *
1 point
21- Mr. Rahul took a loan for business purposes from PFI, during PY 18-19, on which interest for the PY 18-19 is 2,00,000. This interest is paid on 10th June 2020. Due date of filing of ROI for PY 18-19 is 30th September 2019 and for PY 19-20 is 31st July 2020. In which year this interest payment of 2, 00,000 will be allowed as deduction? *
1 point
22- XYZ Ltd., a trading company, is having a block of assets (rate of depreciation 15%) whose opening WDV is 30,00,000. During PY, it purchased another asset of this block for 10,00,000 on 1st June of the current previous year and put to use on the same day. Thereafter it sold this entire block for 60, 00,000 to One Direction Ltd under the scheme of amalgamation on 1st January of the current previous year. What is the actual cost of this block in the hands of One Direction Ltd? *
1 point
23- AJ Ltd. is engaged in specified business and during PY 18-19, purchased asset (rate of depreciation 15%) for the specified business costing 10,00,000 on 1-7-2018 and put to use on the same day. For this/company got deduction U/S 35AD for PY 18-19. However, it used this asset for another business which is not a specified business on 1-11-21. What is the amount which would be chargeable under the head pgbp in PY 21-22? *
1 point
24- Amount of deduction available u/s 35CCC for expenditure incurred on notified Agricultural Extension Project : *
1 point
25- Amount of deduction available under section 35CCD for expenditure (excluding expenditure incurred on cost of land or building) incurred by companies on notified Skill Development Project: *
1 point
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