Profits and gains from business or profession – Test 4

The assessee can utilize the amount withdrawn from Tea Deposit Account under section 33AB of the Act for the purchase of ___________.

The amount withdrawn from Tea Deposit Account under section 33AB of the Act in the event of __________ is taxable.

The amount withdrawn from Tea Deposit Account under section 33AB of the Act may not be taxable if there is a ________.

Identify the person eligible to claim benefits under section 33AB of the Act.

The amount withdrawn from Site Restoration Fund Account under section 33 ABA as reduced by the amount payable to _____________ shall be deemed to be the business income in the year in which it is withdrawn.

The provisions relating to deduction for expenditure on in house research by companies in special business is contained in section ____________.

Under which provision, the company cannot claim weighted deduction to the tune of 150% of the expenditure?

Under which provision, the contribution to National Laboratory shall be eligible for weighted deduction to the tune of 150% of the expenditure?

The treatment given to unabsorbed scientific research expenditure shall be similar to that of given to carry forward of _________.

The weighted deduction under various provisions of the head “profits and gains from business or profession’ shall not be available from A.Y. ____________ onwards.

Which one is not a general condition for claiming deduction under section 35AD?

Which capital expenditure is eligible for deduction under section 35AD?

Once deduction under section 35AD has been claimed, the assessee cannot claim deductions in respect of specified business under section ________.

The provisions of deemed income under section 35 AD (7B) of the Act regarding misutilization of assets of specified business shall not apply to the ________

Out of the followings, which one is a deemed income in the hands of a person carrying on business or profession?

In order to claim deduction of expenditure under section 37(1), one of the conditions is that it should not be in the nature as prescribed u/s. ________.

Identify the expenditure not eligible for deduction u/s. 37(1) of the Act.

No allowance shall be made in respect of expenditure incurred by an assessee on advertisement in any souvenir, brochure, tract, pamphlet or the like published by a political party. This restriction is contained in section ________ of the Act

Out of the followings, which one is not in relation to disallowance of expenditure due to nonobservation of TDS provisions?

A consultancy fee of Rs. 40,000 is credited by X Ltd. to the account of non-resident payee on 1st February, 2019 but tax was deducted on April 1, 2019 and it is deposited on May 2, 2019. Due date of filing return for X Ltd. is September 30, 2019. Tax consequence of such transaction while computing income under the head “PGBP” is:

Interest of Rs. 80,000 on debenture is paid by Y Ltd. on January 10, 2019 to the account of nonresident
payee. Tax is deducted on the same day. Tax is deposited on August 10, 2019. Due date of filing return for Y Ltd. is September 30, 2019. Tax consequence of such transaction while computing income under the head “PGBP” is:

Suppose in the above MCQ, tax is deposited on October 10, 2019 then what would have been the tax consequence?

A consultancy fee of Rs. 40,000 is credited by X Ltd. to the account of resident payee on 1st
February, 2019 but tax was deducted on April 1, 2019 and it is deposited on May 2, 2019. Due date of filing return for X Ltd. is September 30, 2019. Tax consequence of such transaction while computing income under the head “PGBP” is:

Interest of Rs. 80,000 on debenture is paid by Y Ltd. on January 10, 2019 to the account of
resident payee. Tax is deducted on the same day. Tax is deposited on August 10, 2019. Due date of filing return for Y Ltd. is September 30, 2019. Tax consequence of such transaction while computing income under the head “PGBP” is:

Suppose in the above MCQ, tax is deposited on October 10, 2019 then what would have been the tax consequence?

Tax borne by employer in respect of non-monetary perquisite provided to an employee as referred to in section 10(10CC) shall be disallowed in the hands of employer u/s _______.

No disallowance will be attracted under section 40A(3) in respect of cash payment made to an employee on account of gratuity, retrenchment compensation or similar terminal benefit provided aggregate of such sums payable to an employee does not exceed Rs.________.

No disallowance will be attracted under section 40A(3) in respect of cash payment made on a day on which the __________ were closed either on account of holiday or strike.

No disallowance will be attracted under section 40A(3) in respect of cash payment made to an employee after deduction of tax from such salary provided such employee is temporarily posted for a continuous period of ______ or more in a place other than his normal place of duty and does not maintain any account in any bank at such place.

Where deduction has been claimed in earlier year in respect of any liability incurred for any expenditure and subsequently assessee makes payment in respect of such liability otherwise than by an account payee cheque, draft or ECS, then payment so made shall be deemed to be an income under the head “PGBP” if the payment or aggregate payments made to a person in a
day, exceeds Rs. 10,000. This deeming provision is contained under section __________.