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.______
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Question 3 of 30
3. Question
1 points
Category: Taxation
The amount of deposited with Site Restoration Account or Special Account with SBI is context of section 33ABA should not be utilization for
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Question 4 of 30
4. Question
1 points
Category: Taxation
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
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Question 5 of 30
5. Question
1 points
Category: Taxation
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 ____
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Question 6 of 30
6. Question
1 points
Category: Taxation
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
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Question 7 of 30
7. Question
1 points
Category: Taxation
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 ?
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Question 8 of 30
8. Question
1 points
Category: Taxation
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 ?
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Question 9 of 30
9. Question
1 points
Category: Taxation
No deduction u/s 35 shall be admissible in respect of any expenditure incurred on the
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Question 10 of 30
10. Question
1 points
Category: Taxation
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 ?
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Question 11 of 30
11. Question
1 points
Category: Taxation
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 ?
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Question 12 of 30
12. Question
1 points
Category: Taxation
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 ?
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Question 13 of 30
13. Question
1 points
Category: Taxation
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
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Question 14 of 30
14. Question
1 points
Category: Taxation
Unabsorbed capital expenditure on scientific research shall be carried forward for
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Incorrect
Question 15 of 30
15. Question
1 points
Category: Taxation
Capital expenditure on scientific research can be set off
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Question 16 of 30
16. Question
1 points
Category: Taxation
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.__
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Question 17 of 30
17. Question
1 points
Category: Taxation
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.________
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Incorrect
Question 18 of 30
18. Question
1 points
Category: Taxation
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
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Question 19 of 30
19. Question
1 points
Category: Taxation
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. _______
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Incorrect
Question 20 of 30
20. Question
1 points
Category: Taxation
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._________
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Question 21 of 30
21. Question
1 points
Category: Taxation
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
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Incorrect
Question 22 of 30
22. Question
1 points
Category: Taxation
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
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Incorrect
Question 23 of 30
23. Question
1 points
Category: Taxation
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
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Incorrect
Question 24 of 30
24. Question
1 points
Category: Taxation
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
Correct
Incorrect
Question 25 of 30
25. Question
1 points
Category: Taxation
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._________
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Incorrect
Question 26 of 30
26. Question
1 points
Category: Taxation
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.________
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Incorrect
Question 27 of 30
27. Question
1 points
Category: Taxation
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.______
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Incorrect
Question 28 of 30
28. Question
1 points
Category: Taxation
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.__
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Incorrect
Question 29 of 30
29. Question
1 points
Category: Taxation
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.________
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Incorrect
Question 30 of 30
30. Question
1 points
Category: Taxation
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.___
Correct
Incorrect
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