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WorksheetsBusiness & Profession
Total questions: 10
Worksheet time: 10mins
For computation of business income, the business or profession should be carried out in the
Previous Year
Current Year
Next Year
Assessment Year
Percentage of depreciation allowed for Computer & Computer Software is
50%
40%
80%
90%
Conditions for claiming depreciation are
Assets must be owned by the assessee
Assets must be used for the purpose of business & profession
Assets must be used in the relevant previous year
All of the above
Deduction for expenses u/s 43B is allowed on expenses on payment basis in the following cases except one, namely
Any sum payable by the way of taxes, duty, cess.
Any sum payable by employer by way of contribution to PF
Any sum payable as bonus or commission to employees for service rendered
Any sum paid for breach of law or litigation
Which is the charging section of Business and Profession?
Section 28
Section 29
Section 30
Section 31
Which section gives the meaning of business?
Section 2(11)
Section 2(12)
Section 2(14)
Section 2(13)
Income Tax law is not concerned with the legality or illegality of the business or profession
True
False
Profits and gains from business and profession is usually computed in accordance with the method of computing employed by the assessee
True
False
ICDS was notified by CBDT vide Notification dated
29.9.2016
29.10.2016
29.9.2017
29.10.2017
ICDS stands for
Income Display and Tax Accounting Standards
Income Disclosure and Tax Accumulating Standards
Income Disclosure and Tax Accounting Standards
Income Disclosure and Tax Accounting System
