A is the owner of the building and runs a business in it. A cannot claim deduction for which of the following expenses ?
Correct
Incorrect
Question 3 of 30
3. Question
1 points
Category: Taxation
Sunil has leased building from Anuj. He cannot claim deduction for which of the following ?
Correct
Incorrect
Question 4 of 30
4. Question
1 points
Category: Taxation
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.
Correct
Incorrect
Question 5 of 30
5. Question
1 points
Category: Taxation
In respect of Plant and Machinery or Furniture used for business purpose, deduction for which of the following expenses are allowed ?
Correct
Incorrect
Question 6 of 30
6. Question
1 points
Category: Taxation
Depreciation under the Income-tax Act, is allowed as per ________
Correct
Incorrect
Question 7 of 30
7. Question
1 points
Category: Taxation
Depreciation under the Income-tax Act, is allowed for
Correct
Incorrect
Question 8 of 30
8. Question
1 points
Category: Taxation
Depreciation under the Income-tax Act is allowed only when
Correct
Incorrect
Question 9 of 30
9. Question
1 points
Category: Taxation
Alpha India Limited, engaged in manufacturing yarn can claim depreciation based on
Correct
Incorrect
Question 10 of 30
10. Question
1 points
Category: Taxation
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 ?
Correct
Incorrect
Question 11 of 30
11. Question
1 points
Category: Taxation
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?
Correct
Incorrect
Question 12 of 30
12. Question
1 points
Category: Taxation
Aman has leased certain machinery to Chaman. In such a case, depreciation is allowed to
Correct
Incorrect
Question 13 of 30
13. Question
1 points
Category: Taxation
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
Correct
Incorrect
Question 14 of 30
14. Question
1 points
Category: Taxation
Which of the following are excluded from definition of Plant under Income tax Act, 1961?
Correct
Incorrect
Question 15 of 30
15. Question
1 points
Category: Taxation
Block of assets means a group of assets
Correct
Incorrect
Question 16 of 30
16. Question
1 points
Category: Taxation
Which of the following categories can form “Block of Assets” under Income-tax Act, 1961 ?
Correct
Incorrect
Question 17 of 30
17. Question
1 points
Category: Taxation
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 ?
Correct
Incorrect
Question 18 of 30
18. Question
1 points
Category: Taxation
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.
Correct
Incorrect
Question 19 of 30
19. Question
1 points
Category: Taxation
Which of the following are true regarding rate of depreciation ?
Correct
Which of the following are true regarding rate of depreciation ?
(i) Furniture and Fitting – 10%
(ii) Motor Cars used in business other than business of running them on hire – 15%
(iii) Motor Vehicle which is used in business of running them on hire – 30%
Incorrect
Question 20 of 30
20. Question
1 points
Category: Taxation
Which of the following assets are eligible for depreciation @ 40% under the Income tax ?
Correct
Incorrect
Question 21 of 30
21. Question
1 points
Category: Taxation
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 ?
Correct
Incorrect
Question 22 of 30
22. Question
1 points
Category: Taxation
In computing written down value for Income Tax purpose, which of the following are true ?
Correct
Incorrect
Question 23 of 30
23. Question
1 points
Category: Taxation
Capital gains on sale of asset forming part of block of depreciable asset can be
Correct
Incorrect
Question 24 of 30
24. Question
1 points
Category: Taxation
In case of a new business interest up to the date of commencement of commercial production is
Correct
Incorrect
Question 25 of 30
25. Question
1 points
Category: Taxation
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
Correct
Incorrect
Question 26 of 30
26. Question
1 points
Category: Taxation
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 ?
Correct
Incorrect
Question 27 of 30
27. Question
1 points
Category: Taxation
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
Correct
Incorrect
Question 28 of 30
28. Question
1 points
Category: Taxation
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.
Correct
Incorrect
Question 29 of 30
29. Question
1 points
Category: Taxation
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?
Correct
Incorrect
Question 30 of 30
30. Question
1 points
Category: Taxation
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 ?
Correct
Incorrect
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