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________

Income Tax Law and Practice CIE 3

Quiz
•
Financial Education
•
University
•
Hard
Shivaprasad P
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
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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