Profits and Gains of Business or Profession – Test 3

Quantum deduction u/s 33ABA shall be

Neha & Co. Private Limited, is engaged in the business of extraction of petroleum and earned profit of Rs. 10 lakhs in FY 2018-19. They deposited Rs. 5 lakhs in Site Restoration Account on 31st January, 2019. The deduction available u/s 33ABA shall be Rs.______

The amount of deposited with Site Restoration Account or Special Account with SBI is context of section 33ABA should not be utilization for

Samrishi, claimed deduction of Rs. 4 lakhs in FY 2017-18 u/s 33ABA after depositing Rs. 5 lakhs in Special Account with SBI on 31st August, 2017. On 01.05.2018, she withdrew Rs. 4 lakhs and used it for non-specified purpose. Amount to be considered as income for FY 2018-19 on this account shall be

Saarthak, claimed deduction of Rs. 4 lakhs in FY 2017-18 u/s 33ABA after depositing Rs. 5 lakhs in Special Account with SBI on 31st August, 2017. On 01.05.2018, he withdrew Rs. 5 lakhs and utilized Rs. 3 lakhs for purpose as specified in scheme. Amount to be considered as income for FY 2018-19 on this account shall be ____

Saarthak, claimed deduction of Rs. 4 lacks in FY 2017-18 u/s 33ABA after depositing Rs. 5 lakhs in Special SBI Account on 31st August, 2017. On 01.05.2018, he withdres Rs. 2 lakhs and used it for purchase of computers to be used in office. On 30.06.2018, he sold such asset. Amount to be considered as income for FY 2019-19 on this account shall be

Compute deduction u/s 35 for ABC Ltd., if it incurred revenue expenses of Rs.10 lakhs , Building cost of Rs. 20 lakhs and Land of Rs. 15 lakhs in respect of in-house scientific research on related business ?

Compute deduction u/s 35 for PQR Ltd., if it incurred revenue expenses of Rs. 10 lakhs, Building cost of Rs. 20 lakhs and Land of Rs.15 lakhs in respect in-house Scientific Research on related business. It had further spent revenue expenses of Rs. 25 lakhs during 30-06-2015 to 29.06.2018 for such work ?

No deduction u/s 35 shall be admissible in respect of any expenditure incurred on the

Least of which of the following is charged to tax under PGBP, where capital gains arise on sale of asset used for scientific research, not used for any other purpose ?

A Ltd claimed deduction of Rs. 2 lakh u/ for Plant and Machinery used for scientific research in F.Y.2017-18. Subsequently it sold such Plant and Machinery for Rs. 1 lack in F.Y.2018-19. What amount would be taxable in F.Y 2018-19 as business on such account ?

A Ltd, claimed deduction of Rs. 2 lakhs u/s 35 for Plant and Machinery used for scientific research in F.Y. 2017-18. Subsequently it sold such Plant and Machinery for Rs. 1 lack in F.Y.2018-19. What amount would be taxable for F.Y.2018-19 as capital gains income on such account ?

A Ltd. purchased Machinery for Rs. 5 lakhs, which was exclusively used for scientific research, but later transferred to other business of a Ltd. The cost of acquisition added to block of assets would be

Unabsorbed capital expenditure on scientific research shall be carried forward for

Capital expenditure on scientific research can be set off

Rohit Ltd. has business income of Rs. 50 lakhs before section 35 deduction and incurred revenue and capital expenditure of Rs. 30 lakhs and 40 lakhs, respectively for scientific research. The deduction available in respect of expenditure scientific research shall be Rs.__

Rohit Ltd., engaged in manufacturing cola, paid Rs. 10 lakhs to an eligible Scientific Research Association, which is notified by Central Government, for space aviation purpose during FY 2018-19. Deduction available u/s 35 shall be Rs.________

Aman Ltd. paid Rs. 10 lakhs to a research association engaged in social sciences, which used such amount for undertaking scientific research during FY 2018-19. Deduction available u/s 35 shall be

Chaman Ltd. paid Rs. 10 lakhs to a University which used such amount to undertake research in statistical research, which is not related to the business of Chaman Ltd. (during FY 2018-19). Deduction available u/s 35 shall be Rs. _______

Anuj Ltd, paid Rs. 20 lakhs to IIT Bombay, with a special direction to use such amount exclusively for scientific research under a program approved by prescribed authority. Deduction available u/s 35(2AA) would be Rs._________

Sant Ram Mangatram Ltd. entered into an agreement with prescribed authority u/s 35(2AB), to undertake in house scientific research and development, and incurred revenue and capital expenditure (excluding land) of Rs. 30 lakhs and Rs. 40 lakhs respectively. Deduction available u/s 35(2AB) would be

Ankur Limited paid Rs. 13,20,000 as spectrum fees for use of telecommunication services on 30-06-2017 for 10 years. If business commenced on 30-6-2018, deduction allowable u/s 35ABA in FY 2018-19 shall be

Ramanuj paid Rs. 13,20,000 to obtain license to operate telecommunication services on 30-06-2017 for 10 years, whereas the business commenced on 30-06-2018. The deduction allowable u/s 35ABB in previous year 2018-19 shall be

S. Ltd acquired a license to operate telecommunication services for Rs. 30 lakhs on 1-4-2016 for 12 years, WDV of such licence as on 1-4-2018 is Rs. 25 lakhs and part of such license was sold for Rs. 18 lakhs. The deduction allowable u/s 35ABB in previous year 2018-19 shall be

M Ltd acquired a license to operate telecommunication services for Rs. 30 lakhs on 1-4-2016 for 12 years, WDV of such license as on 1-4-2018 is Rs. 25 lakhs and part of such license was sold for Rs. 28 lakhs. The deduction allowable u/s 35ABB in previous year 2018-19 shall be Rs._________

S. Ltd. acquired a license to operate telecommunication services for Rs.24 lakhs on 1-4-2017 for 12 years WDV of such license as on 1-4-2019 is Rs. 20 lakhs and entire license was sold for Rs. 22 lakhs. The deduction allowable u/s 35ABB in FY 2019-20 shall be Rs.________

N Ltd. acquired a license to operate telecommunication services for Rs.30 lakhs on 1-4-2017 for 12 years. WDV of such license as on 1-4-2019 is Rs. 25 lakhs and entire license was sold for Rs. 28 lakhs. The deduction allowable u/s 35ABB in FY 2019-20 shall be Rs.______

N Ltd acquired a license to operate telecommunication services fro Rs. 30 lakhs on 1-4-2017 for 12 years WDV of such licence as on 1-4-2019 is Rs. 25 lacks and entire license was sold for Rs. 27 lakhs. The business income for previous year FY 2019-20 in such a case shall be Rs.__

N Ltd. acquired a license to operate telecommunication services for Rs. 30 lakhs on 1-4-2017 for 12 years, WDV of such license as on 1-4-2010 is Rs. 25 lakhs. It amalgamated with B Ltd. on 30-6-2019. The deduction allowable u/s 35ABB for FY 2019-20 in hands of N Ltd. shall be Rs.________

U Ltd. acquired a license to operate telecommunication services for Rs.24 lakhs on 1-4-2016 for 12 years, WDV of such license as on 1-4-2018 is Rs. 20 lakhs. It amalgamated with V Ltd. on 30-06-2018. The deduction allowable u/s 35ABB for FY 2018-19 in hands of V.Ltd. shall be Rs.___