Income Tax Law and Practice CIE 3

Income Tax Law and Practice CIE 3

University

20 Qs

quiz-placeholder

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Income Tax Law and Practice CIE 3

Income Tax Law and Practice CIE 3

Assessment

Quiz

Financial Education

University

Hard

Created by

Shivaprasad P

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An assessee uses plant and machinery for the purpose of carrying on his business. Under section 31, he shall be eligible for deduction on account of________

both capital and revenue expenditure on repairs

revenue expenditure on repairs

revenue expenditure on repairs plus l/5th of capital expenditure on repairs

Not Applicable

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

GGC Ltd. incurred capital expenditure of Rs. 1,50,000 on 1/4/2020 for acquisition of patents and copyrights. Such expenditure is

Eligible for deduction in 14 years from AY 2021-2022 i.e. PY 2020-2021

Eligible for deduction in 5 years from AY 2021-2022 i.e. PY 2020-2021

Subject to depreciation @ 25% under section 32

Subject to depreciation @ 15% under section 32

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following income is not chargeable as income of business or profession?

Profits and gains of business carried by an assessee during the previous year

Income derived by a trade, professional or similar association from specific services performed for its members

Winnings from horse races

Salary received by a partner of a firm from the firm in which he is a partner

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rate of depreciation of furniture and fitting is:

15%

10%

18%

20%

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If a new machinery is purchased on 15/4/2023 and put to use for the purpose of the business on 2/1/2024, depreciation would be allowable at the rate of:

7.5%

15%

10%

20%

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Depreciation is allowed in case of

Tangible Assets

Intangible Assets

Tangible and Intangible assets

Deferred Revenue Expenditure

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Preliminary expenses shall be allowed as deduction in:

5 instalments

10 instalments

15 instalments

12 instalments

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