Profits and Gains of Business or Profession – Test 4

Solar heights is engaged in the business of generation and generation and distribution of power. It has the option no claim depreciation on __________

Asset acquired by an undertaking engaged in the business of generation or generation and distribution of power, which have been used for less than 180 days, shall be eligible for depreciation @___

GVV Power is an undertaking engaged in the business of generation of power and commenced generating power from 01.06.2018. The option to claim depreciation on WDV has to be exercised by GVV Power before (it is not covered under Transfer pricing provisions)

Terminal depreciation for power generation undertaking can be computed by reducing from sales consideration__________

In which of the following case, depreciation is proportioned on the basis of number of days, for  which the assets are used in business ?

Which of the following assessee are eligible for additional depreciation ?

Which of the following assessee are eligible for additional depreciation ?

Which of the assets are not eligible for additional depreciation ?

Which of the assets are not eligible for additional depreciation?

Additional depreciation is available at the rate of ______ for units which are not engaged in notified backward areas.

In respect of additional depreciation, which of the following statements are correct ?

Sunil Limited, incurred business losses during FY 2018-19 and is wondering whether the claim of depreciation is mandatory for them. Under Income tax Act, claim of depreciation is _

Anil Limited, incurred business losses during FY 2018-19, which was mainly due to depreciation. For what period can unabsorbed depreciation be carried forward ?

In respect of set off and carry forward of current year depreciation, which of the following are true ?

Depreciation on assets, used non exclusively for business is __________

For claiming deduction u/s 33AB, which of the following conditions should be satisfied ?

Deduction u/s 33AB requires deposit of amount with NABARD within earlier of which of the following periods ?

Deduction available u/s 33AB to Alka, engaged in business of growing and manufacturing tea and having pro-fit of Rs.10 lakhs in FY 2018-19, if she deposit Rs.5 lakhs is special account of NABARD on 31st August,2018 shall be (assume she is not covered by Tax Audit)__________

Quantum of deduction u/s 33AB to assessee engaged in growing and manufacturing tea and satisfying specified conditions is _________

Salma liable to tax audit is engaged in a composite business of growing and manufacturing tea and trading of dry fruits. During FY 2018-10, she had following data:

Total Turnover of Business           : Rs 200 lakhs

Turnover of Tea business             : Rs.150 lakhs

Profits from Business                   : Rs 50 lakhs

In such a case, profit from tea business shall be Rs._____

Amount of deposited with NABARD or the Deposit Account in context of section 33AB should not be utilized

Samridhi, claimed deduction of Rs. 4 lakhs in FY 2017-18 u/s 33AB after depositing Rs.5 lakhs in special NABARD account on 31st August, 2018. On 01.03.2019, she withdrew Rs.2 lakhs and used it for non-specified purpose. Amount to be considered as income for FY 2018-19 on this account shall be Rs._________

Saarthak, claimed deduction of Rs.4 lakhs in FY 2016-17 u/s 33AB after depositing Rs.5 lakhs in special NABARD account on 31st August, 2017. On 01.05.2018, he withdrew Rs 5 lakhs and used it for purchasing office appliances other than computers. Amount to be considered as income for FY 2018-19 on this account shall be ________

Saarthak, claimed deduction of Rs.4 lakhs in FY 2016-17 u/s 33AB after depositing Rs.5 lakhs in special NABARD account on 31st August, 2017. On 01.05.2018, he withdrew Rs.5 lakhs and used it for purchase of computers to be used in office. Amount to be considered as income for FY2018-19 on this account shall be __________

Samridhi, claimed deduction of Rs. 4 lakhs in FY 2016-17 u/s 33AB after depositing Rs. 5 lakhs in Special NABARD account on 31st August, 2017. On 01.05.2018, she withdrew Rs. 2 lakhs and used it for purchase of plant and machinery in factory, which was sold on 30.06.2018. Amount to be considered as income for FY 2018-19 shall be___

Profits of composite business are disintegrated into agriculture  and non-agriculture income under rule__

Any amount deposited  with NABARD in context of section 33AB cannot be withdrawn until there is _

Deduction u/s 33ABA is available, provided______

Neil & 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 August,2018. The deduction available u/s 33ABA shall be Rs._______

The due date to deposit amount with Site Restoration Account for the purpose of claiming deduction u/s 33ABA is