WorksheetsBook profit u/s 115JB of I T Act 1961
Total questions: 10
Worksheet time: 8mins
Section 115JB is applicable to which of the following assessee(s)?
Individual
HUF
Firm
Company
All of them.
Section 115JB comes into play when ____
the taxes under normal computation is less than taxes on book profit
the taxes under normal computation is more than taxes on book profit
the assessee chooses to pay tax on Book Profit instead of Normal Provision
either Brought forward loss or brought forward depreciation is ZERO.
Book profit to be increased by ______ to arrive at adjusted Book Profit.
the amount of expenditure related to exempt L.T.C.Gain
the amount of GST debited in profit and loss account
the provision for ascertained liabilities
the amount of income taxes debited in profit and loss account
Book profit to be increased by ______ to arrive at adjusted Book Profit.
the amount of depreciation,
the amount of deferred tax and the provision thereof debited in P&L a/c
the amount or amounts set aside as provision for diminution in the value of any asset
All the above
Whether exempt LTCG to be reduced from book profit?
YES
NO
In a particular case, brought forward loss is Rs 1 Cr, and brought forward unabsorbed depreciation is Rs. NIL. Which amount would be reduced from the book profit?
Rs. 1 Crore
Rs. 50 Lakh (Being average of B/fd. Loss & Depreciation)
Rs. NIL.
None of the above
Deferred taxes credited to profit and loss account
Would not be reduced from the book profit
Would be reduced from the book profit
None of the above
Whether the Dividend income is required to be reduced from the book profit?
YSE
NO
Whether the amount of expenditure disallowed during assessment proceedings would also be disallowed while computing book profit?
YES
NO
NONE of the above
During the course of assessment proceedings, a loan of Rs 1 Cr was treated as unexplained cash credit. The same was added to book profit also on the ground that it was income of the assessee. Whether the action of the AO is correct?
YES
NO
NONE of the above
