Profits and gains from business or profession – Test 3

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_____?

MT Advisory 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.

MT Advisory 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.

MT Advisory 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.

MT Advisory 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

MT Advisory 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.

Mr. Shlok 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)?

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”.

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?

Which of the following expenses are deductible under section 31?

The provisions relating to deductibility of bonus or commission paid to employees are governed by section_______.

Provisions relating to deductibility of interest on capital borrowed for the purpose of the business of the assessee are governed by section ________.

In few cases, the deductibility of interest on borrowed capital is subject to provisions of section 43B. Out of the followings, which one is not governed by provisions of section 43B?

The provisions relating to presumptive taxation scheme applicable to an assessee engaged in any profession prescribed under section 44AA are given in section ________?

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?

The provisions relating to presumptive taxation scheme prescribed under section 44AD are not applicable to ___________.

An assessee whose turnover does not exceed __________ can adopt the presumptive taxation scheme of section 44AD subject to certain conditions.

The provisions of section 44AD cannot be adopted by an assessee who is ____ .

The provisions relating to presumptive taxation scheme applicable to an assessee engaged in the business of passenger transportation may be governed by section ________?

The provisions relating to presumptive taxation scheme prescribed under section 44AE are applicable to an assessee engaged in the business of ___________

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.

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?

Expenditure incurred by a company for the purpose of promoting family planning among its employees, being of a capital nature,

Deduction u/s 35AD is available in respect of expenditure on specified business, one of them is:

Which compensation may not be chargeable under section 28 of the Act?

Which income is not to be taxed under the head “Profits and gains from business or profession’?

Which income is not to be taxed under the head “Profits and gains from business or profession’?

The condition of “actual payment” is not relevant for claiming deduction under section _____.

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.

One of the upper limits for claiming deduction u/s 33ABA of the Act is ________% of profits or gains of business or profession before making any deduction under this section and u/s. 72.