Profits and Gains of Business or Profession – Test 6

Which of the following statement is correct ?

A is the owner of the building and runs a business in it. A cannot claim deduction for which of the following  expenses ?

Sunil has leased building from Anuj. He cannot claim deduction for which of the following ?

KK Kalid & Co. make an expenditure of Rs. 5 lakhs towards sound proofing of a rented building, which is used exclusively for business purpose. The amount allowed as deduction in computation of taxable income under head PGBP shall be Rs.

In respect of Plant and Machinery or Furniture used for business purpose, deduction for which of the following expenses are allowed ?

Depreciation under the Income-tax Act, is allowed as per ________

Depreciation under the Income-tax Act, is allowed for

Depreciation under the Income-tax Act is allowed only when

Alpha India Limited, engaged in manufacturing yarn can claim depreciation based on

As assessee engaged in the business of providing courier service intends to claim “Additional depreciation” on building purchased from seller who used it for his business, but his advisor has informed otherwise. Which of the reasons given by the advisor are true ?

An assessee engaged in manufacture of specified article or thing in wondering on which of the following can he claim additional depreciation Can you help him?

Aman has leased certain machinery to Chaman. In such a case, depreciation is allowed to

Suraj, who runs business from a leasehold building, incurred certain capital expenditure for construction of a structure on leased premises. In respect of such expenditure, Suraj would be entitled to

Which of the following are excluded from definition of Plant under Income tax Act, 1961?

Block of assets means a group of assets

Which of the following categories can form “Block of Assets” under Income-tax Act, 1961 ?

Sumit purchased a building for Rs.5 crores on June 30, 2018, which would be used exclusively for residential purpose. What would be the amount of depreciation, which he can claim in respect of such property while computing his business income ?

Nalin purchased a building for Rs.5 crores on June 30, 2018 which would be used for installing machinery and plant forming part of water supply project, which is put to use to provide infrastructure facilities u/s 80-IA (4) (1). The depreciation available there on shall be Rs.

Which of the following are true regarding rate of depreciation ?

Which of the following assets are eligible for depreciation @ 40% under the Income tax ?

What would be the rate of depreciation in case of know-how, patents copyrights, trademarks, licenses, franchises or any other business or commercial right of similar nature ?

In computing written down value for Income Tax purpose, which of the following are true ?

Capital gains on sale of asset forming part of block of depreciable asset can be

In case of a new business interest up to the date of commencement of commercial production is

A had a running business. He purchased asset on 1-4-2018 which was put to use on 30-92018. Interest up to the date the asset is first put to use would be

Vikrant borrowed Rs.20 lakhs on 1-4-2017 @ 12% p.a. to construct the building for the purpose of business. The construction was completed on 30-6-2018 and building was immediately put to use. Cost of construction of building (excluding interest) is Rs.50 lakhs, what would be the interest amount that will be added to cost of building ?

Sushant borrowed Rs. 20 lakhs @ 12% p.a. to construct the building for business. Pending construction, such borrowing was deposited in bank and yields Rs.50,000 as interest, such interest income is

Manish purchased Furniture for Rs.80,000 on 5-102018, which was paid as under :

Account payee cheque                    : Rs.35,000

Cash on 5-10-2018                        : Rs.20,000

Bearer cheque on 6-10-2018          : Rs.25,000

The cost of Furniture, for the purpose of depreciation shall be Rs.

Sudesh purchased Machinery worth Rs.80,000 on 15.10.2018, and paid consideration as under :

Account payee cheque             : Rs.35,000

Cash on 05.10.2018                : Rs.35,000

Bearer cheque on 06.10.2018  : Rs.10,000

What would be the cost of machinery, for the purpose of depreciation?

Amit purchased a building for Rs.5 crores on June 30, 2018 which shall be used exclusively for business purpose. The depreciation available thereon shall be ?