No products in the cart.
PGBP 1 / 150 Q150: A firm’s book profit is NIL. It shall still beallowed as deduction on account of remuneration toworking partner to the maximum extent of— (a) Actual remuneration paid as specified in partnership deed (b) Rs. 1,50,000 (c) Higher of a) and b) (d) Lower of a) or b) 2 / 150 Q149: Deduction u/s 40(b) shall be allowed on accountof salary/remuneration paid to: (a) Any partner (b) Major partner only (c) Working partner only (d) None of the above 3 / 150 Q148: Interest on capital or loan from partner of a firmis allowed as deduction to the firm to the extent of: (a) Rate mentioned in the partnership deed (b) 12% p.a. even if it is not mentioned in partnership deed (c) 12% p.a. or at the rate mentioned in partnership deed whichever is less (d) Any rate at the choice of partner 4 / 150 Q147: A firm’s business income is nil/negative. It shallbe allowed as deduction on account of remunerationto working partner: (a) actual remuneration as specified in partnership deed or Rs. 1,50,000 whichever is lower (b) Rs. 150,000 (c) actual remuneration as specified in partnership deed (d) Rs. 125,000 5 / 150 Q146: Remuneration paid to working partner shall beallowed as deduction to a firm: (a) in full (b) subject to limit specified in section 40(b) (c) none of these two (d) not allowed at all 6 / 150 Q145: Deduction u/s 40(b) shall be allowed on accountof remuneration paid to (a) any partner (b) major partner only (c) working partner only (d) all partners 7 / 150 Q144: Interest on capital of partner or loan frompartner of a firm is allowed as deduction to the firmto the extent of: (a) 18% p.a. (b) 12% p.a. (c) 22% p.a. (d) 20% p.a. 8 / 150 Q143: JSJ & Co. is a partnership firm with 3 partners.The capital of each partner was Rs. 2,00,000. Thepartnership deed authorized interest on capital @15% and working partner salary to each partner @Rs. 10,000 per month for all the partners. The totalsales amounted to Rs. 70,00,000. The income of thefirm u/s 44AD would be (a) Rs. 5,60,000 (b) Rs. 4,32,000 (c) Rs. 1,28,000 (d) Rs. 3,50,000 9 / 150 Q142: A partnership firm with turnover ofRs. 2,40,00,000 omitted to get the books of accountaudited u/s 44AB. The amount of penalty leviablefor failure to get the accounts audited u/s 44AB is: (a) Rs. 10,000 (b) Rs. 70,000 (c) Rs. 1,50,000 (d) Rs. 1,20,000 10 / 150 Q141: Presumptive income of taxation referred to insection 44AD is not applicable to (a) Person carrying on profession referred to in section 44AA (b) A person carrying on any agency business (c) A person earning income in the nature of commission or brokerage income (d) A person referred to in (a), (b) and (c) above 11 / 150 Q140: Section 44AD relating to presumptive incomeof a business (excluding business covered u/s 44AE)is applicable in case of: (a) Any assessee (b) Any assesses being an individual or HUF or a firm (c) Any assesses being an individual or HUF or a firm other than LLP (d) Any assesses being an individual or HUF or a firm who is a resident but excluding limited liability partnership firm 12 / 150 Q139: In case an eligible assesses is engaged in anybusiness (other than playing, hiring or leasing ofgoods transport) presumptive income scheme isapplicable if the gross receipts / sales paid orpayable to him in the previous year does not exceed: (a) Rs. 60,00,000 (b) Rs. 100,00,000 (c) Rs. 40,00,000 (d) Rs. 200,00,000 13 / 150 Q138: Mr. J owns two commercial vehicles. Onevehicle is heavy good vehicles which has weight of16 tones. This was owned for 9 months and twodays. The other vehicle is light goods vehicle whichis owned for 11 months & 12 days. What is theincome from business of Mr. J if he opts forcomposition scheme u/s 44AE (a) Rs. 2,50,000 (b) Rs. 4,20,000 (c) Rs. 4,05,000 (d) Rs. 3,90,000 14 / 150 Q137: If an eligible assesses is engaged in anybusiness (other than plying, hiring or leasing ofgoods transport) and he has opted for presumptiveincome scheme u/s 44AD, assesses shall (a) Be entitled to deduction u/s 30 to 37 (b) Not be entitled to any deduction u/s 30 to 37 (c) Not be entitled to deduction u/s 30 to 37 except on account of interest on capital and loan from partner and remuneration to working partner as per section 40(b) (d) None of the above 15 / 150 Q136: In case an assesses is engaged in the businessof plying, hiring or leasing goods carriage,presumption income scheme u/s 44AE is applicableif assesses is the owner of maximum of (a) 8 goods carriages (b) 10 goods carriages (c) 12 goods carriages (d) 15 goods carriages 16 / 150 Q135: If an eligible assesses is engaged in anyprofession referred to in section 44ADA and he hadopted for presumptive income scheme u/s 44ADA,the assesses shall: (a) Be entitled to deduction u/s 30 to 37 (b) Not be entitled to deduction u/s 30 to 37 (c) Not be entitled to deduction u/s 30 to 37 except on account of interest on capital and loan from a partner and remuneration to working partner as per section 40(b) (d) None of the above 17 / 150 Q134: In the case of section 44ADA, the minimumincome shall be presumed to be (a) 25% of gross receipts (b) 40% of gross receipts (c) 50% of gross receipts (d) 60% of gross receipts 18 / 150 Q133: Section 44ADA, relating to presumptiveincome of the profession referred to in section44AA, is applicable in case the gross receipts of theprofession does not exceed: (a) Rs. 225,00,000 (b) Rs. 40,00,000 (c) Rs. 50,00,000 (d) Rs. 100,00,000 19 / 150 Q132: Section 44ADA relating to presumptiveincome is applicable in case of (a) Any assessee (b) An assesses engaged in the profession referred to in section 44AA (c) An assesses who is resident in India and engaged in the profession referred to in section 44AA (d) Any assesses who is engaged in any profession 20 / 150 Q131: In case an assessee is engaged in thebusiness of plying hiring or leasing goods carriage,presumption income scheme u/s 44AE is applicableif the assessee is owner of maximum of: (a) 12 goods carriages (b) 8 goods carriages (c) 5 goods carriages (d) 10 goods carriages 21 / 150 Q130: If an eligible assessee is engaged in anybusiness other than plying, hiring or leasing ofgoods transport and he had opted for presumptiveincome scheme u/s 44AD, the assessee shall: (a) be entitled to deduction u/s 30 to 37 (b) not be entitled to any deduction u/s 30 to 37 (c) may be entitled to any deduction u/s 30 to 37 (d) not be entitled to deduction u/s 30 to 37 except on account of interest on capital and loan from a partner and remuneration to working partner as per section 40(b) 22 / 150 Q129: Presumptive income of taxation referred to insection 44AD is not applicable to: (a) person carrying on profession referred to in section 44AA (b) a person carrying on any agency business (c) a person earning income in the nature of commission or brokerage income (d) all of the above 23 / 150 Q128: Section 44AD relating to presumptive incomeof a business (excluding business covered u/s 44AE)is applicable in case of: (a) any assessee (b) any assessee being an individual or HUF or a firm (c) any assessee being an individual or HUF or a firm who is resident but excluding limited liability partnership firm. (d) any assessee being an individual or HUF or a firm other than LLP 24 / 150 Q127: In case an eligible assessee is engaged in anybusiness other than plying hiring or leasing of goodstransport, if turnover is in cash, presumptive incomeshall be: (a) 5 % of gross receipts (b) 8 % of gross receipts (c) 10% of gross receipts (d) 12% of the gross receipts 25 / 150 Q126: In case an eligible assessee is engaged in anybusiness other than plying hiring or leasing of goodstransport, presumptive income scheme is applicable ifthe grossreceiptsthe previous year does not exceed: (a) Rs. 200,00,000 (b) Rs. 100,00,000 (c) Rs. 75,00,000 (d) Rs. 50,00,000 26 / 150 Q125: Mr. J engaged in retail trade reports a turnoverof Rs. 43,00,000 all of which is received in cash. Hedeposited Rs. 30,000 in his PPF account held with SBI.His total income by applying Section 44ADprovision is: (a) Rs. 1,85,000 (b) Rs. 3,44,000 (c) Rs. 3,14,000 (d) Rs. 4,00,000 27 / 150 Q124: Provisions of section 44AD for computation ofpresumptive income are not applicable to – (a) Limited liability partnership (b) Resident partnership firm (c) Resident Hindu Undivided Family (d) Resident individual 28 / 150 Q123: Where the total turnover of an assessee, eligiblefor presumptive taxation u/s 44AD, is receivedentirely by account payee cheque during AY 2021-2022 i.e. PY 2020-2021, the specified rate ofpresumptive business income is (a) 5% of total turnover (b) 6% of total turnover (c) 7% of total turnover (d) 8% of total turnover 29 / 150 Q122: U/s 44AE, presumptive taxation is applicable ata particular rate provided the assessee is the ownerof a maximum of certain number of goods carriages.The rate per month or part of the month relevant forAY 2021-2022 i.e. PY 2020-2021 and the maximumnumber specified under the section are (a) Rs. 7,500 for each goods carriage in the case of an assessee owning not more than 10 goods carriages at any time during the year (b) Rs. 7,500 for each goods carriage in the case of an assessee owning less than 10 goods carriages at any time during the year (c) Rs. 1,000 per ton of gross vehicle weight for per month or part of a month for a goods carriage for an assessee owning not more than 10 goods carriages at the end of the previous year (d) Rs. 1,000 per ton of gross vehicle weight or unladen weight, as the case may be, for per month or part of a month for a heavy goods carriage and Rs. 7,500 per month or part of a month for other goods carriages in the case of an assessee owning not more than 10 goods carriages at any time during the previous year 30 / 150 Q121: Mr. J has 5 goods carriage vehicles on 1/4/2020.He acquires 3 more vehicles from 11/9/2020. Whatis the presumptive income u/s 44AE if all are lightgoods carriage vehicles? (a) Rs. 8,10,000 (b) Rs. 2,02,500 (c) Rs. 3,64,500 (d) Rs. 6,07,500 31 / 150 Q120: Dr. J is practicing MBBS and has gross receiptof Rs.18,40,000. His presumptive income u/s 44ADAwould be: (a) Rs. 1,47,200 @ 8% (b) Rs. 92,000 @ 5% (c) Rs. 9,20,000 @ 50% (d) Rs. 4,60,000 @ 25% 32 / 150 Q119: The due date of furnishing audit report u/s44AB shall be: (a) 31st July of relevant assessment year (b) 30th September of relevant assessment year (c) 30th August of relevant assessment year (d) None of the above 33 / 150 Q118: Tax audit is compulsory in case a person iscarrying on business whose gross turnover/sales/receipts exceeds: (a) Rs. 60,00,000 (b) Rs. 100,00,000 (c) Rs. 40,00,000 (d) Rs. 25,00,000 34 / 150 Q117: For person carrying on profession, tax audit iscompulsory, if the gross receipts of the previousyear exceed: (a) Rs. 25,00,000 (b) Rs. 100,00,000 (c) Rs. 50,00,000 (d) Rs. 75,00,000 35 / 150 Q116: Calculate what amount is disallowed u/s 40(b)where book profit of the firm is Rs. 5,00,000.Remuneration paid to working partner is Rs. 4,50,000and that to non-working partner is Rs. 90,000 (a) Rs. 3,50,000 (b) Rs. 90,000 (c) Rs. 4,40,000 (d) Rs. 60,000 36 / 150 Q115: A Ltd is liable to pay bonus to its employeesfor the amount of Rs. 5,00,000 for the AY 2021-2022i.e. PY 2020-2021 but paid this amount on5/11/2021 i.e. after the due date of ITR which was30/9/2021. How much amount shall be allowed asdeduction for bonus in subsequent year? (a) 100% of the amount of bonus (b) 50% of the amount of bonus (c) 30% of the amount of bonus (d) Any of the above at the choice of assessee 37 / 150 Q114: How much amount of expenses shall bedisallowed on account of not doing TDS when suchamount is payable to a resident? (a) 100% of the amount (b) 50% of the amount (c) 30% of the amount (d) Any of the above 38 / 150 Q113: Financial statement of Mr. J on 31/3/2021reveals that the following expenses were due duringyear ended 31/3/2021 but have been paid after31/3/2021Employer’s contribution to provident fund Rs. 55,000(Rs. 25,000 paid on 15/7/2021, Rs. 10,000 paid on31/7/2021 and Rs. 20,000 paid on 15/1/2021). The duedate of filing return is 31/7/2021. What would be thededuction for AY 2021-2022 i.e. PY 2020-2021 (a) Rs. 55,000 (b) Rs. 35,000 (c) Rs. 10,000 (d) Rs. 45,000 39 / 150 Q112: The maximum penalty for failure to getaccounts audited u/s 44AB or furnish audit reportalong with the return of income is (a) Rs. 1,25,000 (b) Rs. 1,20,000 (c) Rs. 1,50,000 (d) Rs. 1,00,000 40 / 150 Q111: Which of following expenditure for whichpayment is made to a resident are disallowed to theextent of 30% unless the TDS has been done: (a) Interest, Royalty, Fee for technical services (b) Commission or brokerage or rent (c) Payment to contractors (d) All expenses on which TDS is to be done 41 / 150 Q110: Interest on capital of partner or loan frompartner of a firm is allowed as deduction to the firmto the extent of: (a) 18% p.a. (b) 12% p.a. (c) 22% p.a. (d) 20% p.a. 42 / 150 Q109: Tax audit is compulsory in case a person iscarrying on business referred u/s 44AD which hasgross turnover/sales/receipts, as the case may be,exceeds: (a) Rs. 140,00,000 (b) Rs. 100,00,000 (c) Rs. 150,00,000 (d) Rs. 200,00,000 43 / 150 Q108: Tax audit is compulsory in case a person iscarrying on business (except u/s 44AD) which hasgross turnover/sales/receipts, as the case may be,exceeds: (a) Rs. 140,00,000 (b) Rs. 100,00,000 (c) Rs. 150,00,000 (d) Rs. 130,00,000 44 / 150 Q107: For person carrying on profession, tax audit iscompulsory if the gross receipts of the PY exceed: (a) Rs. 50,00,000 (b) Rs. 100,00,000 (c) Rs. 15,00,000 (d) Rs. 25,00,000 45 / 150 Q106: For persons carrying on business or non-specified profession the book account to bemaintained have: (a) been prescribed (b) not been prescribed (c) none of (a) or (b) 46 / 150 Q105: An Individual who has been carrying on non-specified profession is: (a) not required to maintain any books of account (b) required to maintain book of account of the current previous year if the gross receipts of such profession exceed Rs. 1,50,000. (c) required to maintain books of account of the current previous year if the gross receipts of such profession of any of three preceding previous year exceeded Rs. 10,00,000 (d) required to maintain book of account of the current previous year if in any of the preceding 3 previous years his total income exceeded Rs. 2,50,000 or gross receipts exceeded Rs. 25,00,000. 47 / 150 Q104: If a person sets up a specified professionduring the current previous year, he is: (a) required to maintain prescribed books of account (b) not required to maintain books of account (c) required to maintain prescribed books of account if the gross receipts of such profession is likely to exceed Rs. 1,50,000 otherwise such books of account which will enable the assessing officer to compute his total income 48 / 150 Q103: Person carrying on specified profession isrequired to maintain: (a) Prescribed books of account in all cases (b) Prescribed books of account if the gross receipt of all the three preceding previous year exceeds Rs. 1,50,000 otherwise no account books of are to be maintained (c) Prescribed book of account if the gross receipt of all the three preceding previous year exceeds `1,50,000 otherwise such books of account as will enable the assessing officer to compute him business income (d) Any kind of books of accounts as may be desired by the assessee. 49 / 150 Q102: A person carrying on specified profession isrequired to maintain the prescribed books of accountof the current previous year if the gross receipts ofsuch profession in all of the three preceding previousyear exceeds: (a) Rs. 1,00,000 (b) Rs. 2,50,000 (c) Rs. 1,50,000 (d) Rs. 6,00,000 50 / 150 Q101: A person carrying on specified profession is (a) required to maintain books of account (b) required to maintain prescribed books of account (c) not required to maintain books of account (d) not required to maintain prescribed books of accounts 51 / 150 Q100: For person carrying on profession, tax audit iscompulsory if the gross receipt of the previous yearexceeds (a) Rs. 50,00,000 (b) Rs. 25,00,000 (c) Rs. 100,00,000 (d) Rs. 30,00,000 52 / 150 Q99: Is there any provision regarding compulsorymaintenance of books of accounts (a) yes (b) no 53 / 150 Q98: In case the assessee follows mercantile systemof accounting, bonus and commission of employeeare allowed as deduction on: (a) Due basis (b) Payment basis (c) Due basis but subject to the condition of section 43B (d) none of the above 54 / 150 Q97: A person carrying on profession will also haveto get his accounts audited before the specified date,if gross receipts from the profession for a previousyear or years relevant to assessment year exceed (a) Rs. 25,00,000 (b) Rs. 10,00,000 (c) Rs. 100,00,000 (d) Rs. 50,00,000 55 / 150 Q96: Which of the following are allowed asdeduction while computing the business income? (a) Wealth tax paid (b) Income-tax paid (c) CDT tax paid (d) None of the above 56 / 150 Q95: GGC Ltd. paid fees for technical services ofRs. 6,00,000 but omitted to do TDS and such omissioncontinued till the due date for filling the return ofincome specified in section 139(1). The amount ofexpenditure liable for disallowance would be (a) Rs. 1,80,000 (b) Rs. 6,00,000 (c) Rs. 1,20,000 (d) Nil 57 / 150 Q94: A person carrying specified profession willhave to maintain books of account prescribed byRule 6F of the Income-tax Rules, 1962, if grossreceipts are more than Rs. 1,50,000 for (a) All preceding 5 years (b) Any of the preceding 5 years (c) All preceding 3 years (d) Any of the preceding 3 years 58 / 150 Q93: Employer’s contribution to provident fund/superannuation fund/gratuity fund is allowed asdeduction in computing income under the headPGBP provided it has been paid (a) before the end of the previous year (b)on or before the due date by which the employer is required to credit an employee’s contribution to the employee’s account in the relevant fund. (c) on or before the due date for filing of ITR u/s 139(1). (d)before the end of the relevant assessment year 59 / 150 Q92: The business income of a company assessesbefore claiming Rs. 60,000 being 1/5th capitalexpenditure on family planning is Rs. 40,000. Thebalance Rs. 20,000 shall be treated as: (a) Business loss (b) Unabsorbed expenditure on family planning (c) Terminal depreciation (d) None of the above three 60 / 150 Q91: A machine which was acquired for Rs. 5,00,000was earlier used for scientific research. After theresearch was completed the machinery was broughtinto the business of the assesses. The actual cost ofthe machine for the purpose of inclusion in the blockof asset shall be: (a) Rs. 5,00,000 (b) Nil (c) Market value of the asset on the date it was brought into business (d) None of the above 61 / 150 Q90: Assessee shall not be allowed ___________from the income mentioned u/s 35AD (a)Deduction under Chapter VI-A (b)Deduction u/s 16(ia) (c)Both a) and b) (d)None of (a) and (b) 62 / 150 Q89: Where a company has incurred a capitalexpenditure of Rs. 1,00,000 towards promoting familyplanning amongst employees, ..................... will beallowed as deduction in the current year and balancein ................ succeeding years (a) Rs. 20,000, four (b) Rs. 20,000, five (c) Rs. 1,00,000, four (d) None of the above 63 / 150 Q88: How is deduction of capital expenditure onfamily planning allowed to company? (a) Amount is deductible in the year in which incurred (b) Amount is allowed to be amortized equally over a period of 10 years (c) Amount is allowed to be amortized equally over a period of 5 years (d) Not allowed as deduction at all 64 / 150 Q87: The expenditure incurred on payment undervoluntary retirement scheme shall be allowed asdeduction in (a) The previous year it is paid (b) Equal installments in 5 AYs starting from the AY in which it is paid (c) Not allowed at all (d) Allowed to the extent of Rs. 5,00,000 65 / 150 Q86: Where an assesses is carrying on a specifiedbusiness referred to in section 35AD, he shall beallowed deduction (a) Only for revenue expenditure (b) Both the revenue and capital expenditure (c) Both for revenue and capital expenditure other than goodwill, land and financial instruments (d) Both for revenue and capital expenditure other than land, building and goods will 66 / 150 Q85: Deduction u/s 35CCC is allowed in respect of (a) Expenditure on agricultural extension project notified by CBDT (b) Expenditure on skill development project notified by the CBDT (c) Any of the above (d) None of the above 67 / 150 Q84: Any expense on advertisement in anysouvenir, brochure, pamphlet or the like publicationsby a political party ....................... under head PGBP. (a) Shall be allowed as deduction (b) Shall not be allowed as deduction (c) May be allowed as deduction (d) None of the above 68 / 150 Q83: Deduction u/s 35DDA is allowed in relation to (a) Expenditure for the purposes of amalgamation or demerger (b) Expenditure by way of payment of any sum to an employee in connection with his voluntary retirement (c) Any of the above (d) None of the above 69 / 150 Q82: An assessee paid VRS as per the scheme ofvoluntary retirement amounting to Rs. 8,00,000 on21/3/2021. How much deduction of same shall beallowed to assessee for PY ending 31/3/2021 (a) Rs. 1,60,000 (b) Rs. 1,00,000 (c) Rs. 1,20,000 (d) Rs. 1,50,000 70 / 150 Q81: Where an assessee is carrying on a specifiedbusiness referred to in section 35AD, he shall beallowed deduction: (a) only for revenue expenditure (b) both the revenue and capital expenditure (c) both for revenue and capital expenditure other than goodwill, land and financial instruments (d) both for revenue and capital expenditure other than land, building and goodwill. 71 / 150 Q80: The expenditure incurred on payment undervoluntary retirement scheme shall be allowed asdeduction in (a) Equal installments in 5 assessment years starting from the assessment year in which it is paid (b) The previous year in which it is paid (c) The assessment year in which it is paid (d) not allowed at all 72 / 150 Q79: Capital expenditure incurred on familyplanning amongst employees of the companyassessee is allowed as deduction (a) In full (b) In 5 equal installments (c) In 10 equal installments (d) None of the above 73 / 150 Q78: Expenditure incurred on family planningamongst the employees is allowed to (a) All assessee (b) A company assessee (c) An assessee which is a company or cooperative society (d) An assessee which is a company or a firm. 74 / 150 Q77: Weighted deduction u/s 35CCD is allowed to (a) all assesses except foreign company & non-resident (b) a company assessee only (c) all assessee other than a company (d) assessee being an Individual only 75 / 150 Q76: Expenditure incurred on skill developmentproject u/s 35CCD is eligible for weighted deductionof (a) 125% of such expenditure incurred (b) 150% of such expenditure incurred (c) 175% of such expenditure incurred (d) 100% of such expenditure incurred 76 / 150 Q75: Expenditure incurred on agricultural extensionproject u/s 35CCC is eligible for deduction of (a) 125% of such expenditure incurred (b) 150% of such expenditure incurred (c) 175% of such expenditure incurred (d) 100% of such expenditure incurred 77 / 150 Q74: Where the assessee does not himself carry onscientific research but makes contributions to anapproved university, approved college or approvedinstitution, to be used for scientific research relatedor unrelated to the business of assessee, then theamount of deduction from income of business shallbe allowed or, such contribution to the extent of (a) 125% (b) 150% (c) 100% (d) 200% 78 / 150 Q73: In the case of company assessee, the totalpreliminary expenses incurred are allowed asdeduction to extent of 5% of: (a) the cost of the project (b) the aggregate capital employed (c) the cost of project or the capital employed whichever is higher (d) none of the above 79 / 150 Q72: In the case of non-company assessee, the totalpreliminary expenses incurred are allowed deductionto the extent of: (a) 2% of the cost of the project (b) 5% of the cost of the project (c) 10% of the cost of the project (d) 7% of the cost of the project 80 / 150 Q71: Preliminary expenses incurred are alloweddeduction in: (a) 10 equal installments (b) 5 equal installments (c) Full amount (d) Not allowed at all 81 / 150 Q70: Which of the following expenditure onscientific research is not allowed as deduction (a) Revenue expenses incurred during the previous year (b) Revenue expenses on payment of salary to employees engaged in scientific research and purchase of material used in scientific research incurred during three years immediately preceding the commencement of business (c) Capital expenditure incurred on scientific research during the year related to the business (d) Expenditure incurred on acquisition of land during the year for scientific research 82 / 150 Q69: Deduction of 100% for an in-houses researchin some cases shall be allowed for the purchase of: (a) Any assets (b) Any assets other than land (c) Any assets other than land and buildings (d) Only plant and machinery 83 / 150 Q68: Deduction of 100% of revenue expenditure forin houses research and development in some case isallowed to: (a) any assessee (b) company assessee (c) a scientific association (d) IIT 84 / 150 Q67: If donation is made to a national Laboratory ora university or IIT with the specific direction that thescientific research should be for an programmeapproved by the government, the amount ofdeduction shall be: (a) 125 % of the donation so made (b) 100% of the donation so made (c) 175% of the donation so made (d) 150% of the donation so made 85 / 150 Q66: Donation to approved university or approvedcollege for social or statistical research shall beallowed as deduction to the extent of (a) 125% of the donation so made (b) 100% of the donation so made (c) 175% of the donation so made (d) 200% of the donation so made 86 / 150 Q65: Donation to approved association for scientificresearch shall allowed as deduction to the extent of (a) 125 % of the donation so made (b) 100% of the donation so made (c) 175% of the donation so made (d) 150% of the donation so made 87 / 150 Q64: If any amount is donated for research, suchresearch can be in the nature of: (a) Scientific research (b) Social science research (c) Statistical science research (d) all of the above 88 / 150 Q63: If the income of a business before claimingcapital expenditure on scientific research isRs. 150,000 and the capital expenditure incurred onscientific research related to the business of theassessee is Rs. 280,000, then Rs. 130,000 shall be: (a) Business loss (b) Unabsorbed capital expenditure on scientific research (c) None of (a) or (b) (d) any of (a) or (b) 89 / 150 Q62: Where a scientific research asset is sold afterhaving been used for the purpose of scientificresearch then the sale price upto the cost ofacquisition of the asset which has been allowed asdeduction in the past shall treated as: (a) business income (b) Short-term capital gain (c) long-term capital (d) long term or short-term capital gain depending upon the period for which such asset was held 90 / 150 Q61: Certain revenue and capital expenditure onscientific research incurred are allowed as deductionin the previous year of commencement of businesseven if these are incurred: (a) year immediately before the commencement of business (b) 3 years immediately before the commencement of business (c) Any time prior to the commencement of the business (d) none of the above 91 / 150 Q60: If an assessee carries on any scientific researchrelated to his business, he shall be allowed deductionu\s 35 on account of: (a) revenue expenditure (b) capital expenditure (c) both revenue and capital expenditure (d) both revenue and capital expenditure excepting expenditure incurred on acquisition of land. 92 / 150 Q59: Expenditure on scientific research incurred bythe assessee shall be allowed if such research (a) is related to the business of the assessee (b) may or may not related to the business of the assesssee (c) is related to the research specified by the government (d) none of the above 93 / 150 Q58: Brought forward unabsorbed capitalexpenditure on scientific research can be carriedforward: (a) indefinite period of time (b) 8 years (c) 5 years (d) 10 years 94 / 150 Q57: If an assessee carries on any scientific researchrelated to his business, he shall be allowed deductionu/s 35 for: (a) revenue expenditure only (b) capital expenditure only (except land) (c) both revenue and capital expenditure (except land) (d) neither revenue nor capital expenditure 95 / 150 Q56: A microscope which was acquired forRs. 15,00,000 was earlier used for scientific researchand the cost was allowed as deduction us/ 35. Afterthe research was completed, this microscope wasbrought into the business of the assessee. The actualcost of this for inclusion in the block shall be: (a) Rs. 15,00,000 (b) Nil (c) Market value of the asset (d) None of the above 96 / 150 Q55: In the case of companies, capital expenditureincurred for the purpose of promoting familyplanning amongst the employees would bedeductible to the extent— (a) Equal to 1/5th in each year for 5 years (b) Equal to 1/6th in each year for 6 years (c) Equal to 1/4th in each year for 4 year (d) Equal to 1/10th in each year for 10 years 97 / 150 Q54: Which of the following is a specified businesseligible for deduction u/s 35AD? (a) Operating warehousing facility for storage of agriculture produce (b) Operating leather manufacturing unit (c) Operating unit for manufacture of tooth paste (d) Units operating in Jammu & Kashmir 98 / 150 Q53: GGC Ltd. engaged in manufacture ofbiomedicines in August, 2020 converted anequipment which was used for scientific researchpurposes previously, for regular business use. Theoriginal cost of the plant is `15,00,000 which wasacquired in April, 2019. The company had claimeddeduction of 100%. The plant used for scientificresearch would be included in the block of assetsnow at a value for: (a) Nil (b) Rs. 15,00,000 (c) Rs. 30,00,000 (d) Rs. 12,75,000 99 / 150 Q52: GGC Pvt. Ltd. incurred capital expenditure onin-house scientific research(i) Land Rs. 5,00,000(ii) Furniture Rs. 10,00,000(iii) Equipment Rs. 7,00,000 the amount of expenditure eligible for deductionu/s 35 would be (a) Rs. 22,00,000 (b) Rs. 15,00,000 (c) Rs. 17,00,000 (d) Rs. 5,00,000 100 / 150 Q51: Where an asset used for scientific research fornot more than three years is sold without havingbeen used for other purposes, then the sale proceedsto the extent of the cost of the asset already allowedas deduction u/s 35 in the past shall be treated as (a) Business income (b) Long-term capital gain (c) Short-term capital gain (d) Exempted income 101 / 150 Q50: J Ltd. paid Rs. 10,00,000 to an approved college tobe used for scientific research which is unrelated toits business. The amount eligible for deduction u/s35(1)(ii) is: (a) Rs. 5,00,000 (b) Rs. 15,00,000 (c) Rs. 10,00,000 (d) Rs. 11,00,000 102 / 150 Q49: Donation to university for research in socialscience is eligible for deduction at: (a) 100% (b) 125% (c) 150% (d) 175% 103 / 150 Q48: When GGC Ltd. incurred Rs. 10,00,000 as capitalexpenditure for the purpose of family planningamongst the employees, the expenditure allowablewould be: (a) Nil (b) Rs. 2,00,000 (c) Rs. 10,00,000 (d) Rs. 5,00,000 104 / 150 Q47: Mr. J, acquires an asset which was previouslyused for scientific research for Rs. 2,75,000. Deductionu/s 35(1)(iv) was claimed in the PY 2019-2020. Theasset was brought into use for the business of Mr. J,after the research was completed. The actual cost ofthe asset to be included in the block of assets is (a) Nil (b) Market value of the asset on the date of transfer to business (c) Rs. 2,75,000 less notional depreciation u/s 32 upto the date of transfer. (d) Actual cost of the asset Rs. 2,75,000 105 / 150 Q46: In case the assesses follows mercantile systemof accounting, bonus or commission payable toemployee shall be allowed as deduction on: (a) Due basis (b) Payment basis (c) Due basis but subject to condition of section 43B (d) Due or payment basis, at the option of the assesses 106 / 150 Q45: Mr. J is doing agency business and hasreceived a sum of Rs. 5,00,000 from his principal fortermination of agency. Compensation amount soreceived shall be: (a) Exempt as it if capital receipt (b) Fully taxable under the head PGBP (c) Taxable under the head other sources (d) None of the above 107 / 150 Q44: Any sum received by an employer from keyman insurance policy taken on the life of theemployee shall be taxable for the employer as: (a) Income from salaries (b) Income from other sources (c) Income from Business & Profession (d) Income from capital gains 108 / 150 Q43: For computation of business income for somespecified assessees, the assesses has to follow: (a) Accounting standards prescribed by ICAI (b) Accounting standards notified by the finance minister (c) No accounting standards (d) Accounting standard notified by CBDT in the name of ICDS 109 / 150 Q42: Under the head PGBP, the method ofaccounting which assesses can follow shall be: (a) Mercantile system only (b) Cash system only (c) Mercantile system or cash system, at the choice of assessee (d) Any of these systems. 110 / 150 Q41: Cash payment of Rs. 17,000 was made by J Ltdagainst Bill No. 1 to a contractor engaged in plyingof passenger carriage vehicles on 29/6/2020. Howmuch amount is disallowed u/s 40A(3) (a) Rs. 17,000 (b) Rs. 10,000 (c) Rs. 27,000 (d) Rs. 7,000 111 / 150 Q40: As per section 40A(2), what kind ofexpenditure is covered (a) Capital expenditure (b) Revenue expenditure (c) Both of the above (d) None of the above 112 / 150 Q39: Which of the following statement is false? (a) Expense in nature of personal or capital expense is not allowed as deduction u/s 37(1) (b) Expense in nature of personal or capital expense is allowed as deduction u/s 37 (1) (c) Expense on CSR activities is not allowed u/s 37(1) (d) None of the above 113 / 150 Q38: Which of the following statement is true? (a) Deduction u/s 37(1) is allowed in respect of capital expenditure (b) CSR expense is not allowed u/s 37(1) (c) Expense in nature of personal expense is allowed u/s 37(1) (d) None of the above 114 / 150 Q37: J Ltd purchased goods on credit from D Ltd on7/5/2020 for Rs. 86,000 for which payment of Rs. 5,000is made in cash on 12/5/2020; Rs. 40,000 by bearercheque on 30/5/2020 & Rs. 41,000 by account payeecheque on 13/6/2020. The amount of disallowanceu/s 40A(3) is (a) Rs. 15,000 (b) Rs. 30,000 (c) Rs. 40,000 (d) Rs. 86,000 115 / 150 Q36: As per section 38(2), when asset is not usedexclusively for the purpose of business, thendeduction......... (a) shall be restricted to a fair proportionate part (b) may be restricted to a fair proportionate part (c) shall not be restricted to a fair proportionate part and allowed fully (d) shall be restricted to a fair proportionate part thereof which assessing officer may determine having regard to use of such asset for the purposes of business or profession 116 / 150 Q35: Which of the following are allowed asdeduction u/s 36? (a) Premium paid for insurance of stock (b) Premium paid on lives of partner (c) Insurance premium paid by any mode other than cash on health of employee to insurance company (d) All of the above 117 / 150 Q34: Any interest paid under Income Tax Act.......... (a) Is allowable as deduction (b) Is not allowable as deduction (c) May be allowed as deduction (d) None of the above 118 / 150 Q33: If penalty is in nature of compensation, it is................ u/s 37(1). (a) allowable as deduction (b) not allowable as deduction (c) may be allowed as deduction (d) None of the above 119 / 150 Q32: Any expenditure incurred by an assessee forany purpose which is an offence ....................... (a) Shall be deemed to be incurred for the purpose of business or profession (b) Shall not be deemed to be incurred for the purpose of business or profession (c) May be deemed to be incurred for the purpose of business or profession (d) None of the above 120 / 150 Q31: Capital expenditure is allowed as deduction u/s37. This statement is ....................... (a) Valid (b) Invalid (c) Partly valid and Partly invalid (d) None of the above 121 / 150 Q30: Which of the following income is chargeableto tax under head profits and gains from businessand profession? (a) Cash Compensatory Support and Duty Drawback (b) Sum received under a keyman insurance policy (c) Both of the above (d) None of the above 122 / 150 Q29: Where an assessee is carrying on a specifiedbusiness referred to in section 35AD, he shall beallowed deduction: (a) only for revenue expenditure (b) both The revenue and capital expenditure (c) both for revenue and capital expenditure other than goodwill, land and financial instruments (d) both for revenue and capital expenditure other than land, building and goodwill. (d) both for revenue and capital expenditure other than land, building and goodwill. 123 / 150 Q28: Interests on capital or loan received by apartner from a firm is: (a) Exempt u/s 10(2A) (b) Taxable u/h business and profession to the extent it is disallowed as deduction to the firm u/s 40(b) (c) Taxable u/h business and profession to the extent it is allowed as deduction to the firm u/s 40(b) (d) Taxable u/h business and profession on account of interest on capital and income from other sources on account of loan to the firm 124 / 150 Q27: In case the assessee follows mercantile systemof accounting, bonus and commission of employeeare allowed as deduction on: (a) Due basis (b) Payment basis (c) Due basis but subject to the condition of section 43B (d) none of the above 125 / 150 Q26: Deduction of expenditure on the actualpayment basis is allowed to be debited in profit andloss account. The section for this is: (a) section 44AB (b) section 32(1) (c) section 44AA (d) section 43B 126 / 150 Q25: Where the payment of an expenditure claimedas deduction by any assessee carrying on business orprofession other than who is in transport businessexceeds Rs. 10,000, it should be paid by (a) Crossed Cheque/Crossed Draft (b) Account Payee Cheque/Account Payee Draft/electronic clearing system/E-wallets (c) Bearer Cheque (d) Any mode other than cash 127 / 150 Q24: Cash payments of more than `10,000 u/s40A(3) are disallowed to the extent of: (a) 20% (b) 100% (c) 25% (d) 35% 128 / 150 Q23: Cash payment in excess of Rs. 10,000 isdisallowed as a deduction in profit and loss account.The section for this is (a) 40A(2) Rule 3B (b) 40A(1) (c) 40A(3) Rule 6DDD (d) 40A(3) Rule 6DD 129 / 150 Q22: Expenditure in relation on the filing of ITR orexpenditure to fight an income tax case is alloweddebit to profit and loss account: (a) True (b) False 130 / 150 Q21: Provision for bad debt is allowed to be debitedto profit and loss account: (a) True (b) False 131 / 150 Q20: Bad debt of a business are allowed to bedebited (a) u/s 36 (b) u/s 37 (c) u/s 35 (d) u/s 32 132 / 150 Q19: Bad debts incurred are allowed to be debited inthe profit and loss account: (a) True (b) False 133 / 150 Q18: Income of a trade or professional association,from specific services performed for its membersshall be: (a) Exempt (b) Taxable as income of PGBP (c) Taxable as income of other sources (d) Partly taxable and partly exempt 134 / 150 Q17: Export incentives received by an assessee are (a) Exempt (b) Taxable as PGBP income (c) Exempt up to certain limits and balance is taxable as PGBP income (d) Taxable as income from other sources 135 / 150 Q16: Raju succeeded to the business of his fatherRamu consequent to demise of Ramu 1/11/2020.Raju recovered Rs. 30,000 due from a customer whichwas written off by late Ramu as bad debt andallowed as deduction. The amount recovered is: (a) Exempt from tax (b) Fully taxable as business income (c) Rs. 15,000 being 50% taxable as business income (d) To be set off against current year bad debts 136 / 150 Q15: GGC & Co. paid Rs. 40,000 by cash to Mr. Balua supplier on 5/9/2020. The cash payment was madeon the day on which the bank was on strike. Theamount of expenditure liable for disallowance u/s40A(3) is: (a) Rs. 40,000 (b) Rs. 12,000 (c) Rs. 20,000 (d) Nil 137 / 150 Q14: GGC & Co. engaged in trading activity couldnot recover Rs. 5,00,000 from a customer. It claimedthe entire amount as bad debt by writing off in thebooks of account. The aggregate sale made duringthe year to the party amounts to Rs. 30,00,000. Theamount eligible for deduction by way of bad debt is: (a) Nil (b) Rs. 3,00,000 (c) Rs. 5,00,000 (d) Rs. 6,00,000 138 / 150 Q13: GGC Ltd. contributed Rs. 8,70,000 towardsprovident fund account its employees. It actuallyremitted Rs. 5,00,000 upto 31/3/2021 and Rs. 2,50,000upto the due date for filing the return specified insection 139(1). The amount liable to tax in itsassessment would be (a) Rs. 3,70,000 (b) Rs. 1,20,000 (c) Nil (d) Rs. 8,70,000 139 / 150 Q12: Where an assessee doing a business incurs anyexpenditure in respect of which payments made to aperson in a day exceeds Rs.10,000 should be paidthrough account payee cheque or demand draft toclaim deduction for such expenditure. Thisrestriction does not apply to (a) Payments made to RBI (b) Payments made to cultivators (c) Payment of terminal benefits to employees not exceeding Rs.50,000 (d) All of the above 140 / 150 Q11: Salary received by a partner from hispartnership firm is considered in his personalassessment as (a) Income from salary (b) Profit from business or profession (c) Income from other sources (d) Exempted income 141 / 150 Q10: J Ltd. made provision of Rs. 12,00,000 for bonuspayable for the year ended 31/3/2021. It paidRs. 7,00,000 on 3/7/2021, Rs. 3,00,000 on 30/9/2021, andRs. 3,00,000 on 15/12/2021. The amount eligible fordeduction u/s 43B would be: (a) Rs. 10,00,000 (b) Rs. 12,00,000 (c) Rs. 7,00,000 (d) Rs. 3,00,000 142 / 150 Q9: Under the Income-tax Act, 1961 profit fromspeculative business is (a) Taxable under the head income from profits and gains of business and profession (b) Taxable under the head income from other sources (c) Taxable either as income from other sources or as income from profits and gains of business and profession (d) Not taxable 143 / 150 Q8: Under the Income-tax Act, 1961, dividendderived from the shares held as stock in trade aretaxable under the head (a) Income from other sources (b) Income from profits and gains of business or profession (c) Capital gains (d) Either capital gains or income from profits and gains of business or profession 144 / 150 Q7: Under the Income-tax Act, 1961, interest oncapital received by a partner from a partnership firmis chargeable under the head (a) Profits and gains of business of profession (b) Income from other sources (c) Capital gains (d) None of the above 145 / 150 Q6: Mr. J who was carrying on agency business,received a sum of Rs. 5,00,000 from his principal fortermination of agency. Compensation amount soreceived shall be: (a) Exempt as it is capital receipt (b) Exempt as it is ex-gratia payment (c) Fully taxable under the head business and profession (d) Taxable under the head other sources 146 / 150 Q5: Which of the following income is notchargeable as income of business or profession? (a) Profits and gains of business carried by an assessee during the previous year (b) Income derived by a trade, professional or similar association from specific services performed for its members (c) Winnings from horse races (d) Salary received by a partner of a firm from the firm in which he is a partner 147 / 150 Q4: Perquisite received by the assessee during thecourse of carrying on his business or profession istaxable under the head. (a) Business and profession. (b) Salary (c) Other sources (d) None of the above 148 / 150 Q3: Any payment received by the employer on thematurity of the Keyman Insurance Policy for whichpremium was paid by such employer shall beconsidered to be income of the employer under thehead: (a) Business and profession. (b) Salary (c) Other sources (d) None of the above 149 / 150 Q2: According to section 145 an assessee can follow: (a) only cash basis of accounting (b) only accrual basis of accounting (c) any of (a) or (b) (d) both (a) and (b) 150 / 150 Q1: An assessee uses plant and machinery for thepurpose of carrying on his business. U/s 31, he shallbe eligible for deduction on account of (a) both capital and revenue expenditure on repairs (b) revenue expenditure on repairs (c) revenue expenditure on repairs plus 1/5th of capital expenditure on repairs. (d) both (a) & (b)
PGBP
1 / 150
Q150: A firm’s book profit is NIL. It shall still beallowed as deduction on account of remuneration toworking partner to the maximum extent of—
2 / 150
Q149: Deduction u/s 40(b) shall be allowed on accountof salary/remuneration paid to:
3 / 150
Q148: Interest on capital or loan from partner of a firmis allowed as deduction to the firm to the extent of:
4 / 150
Q147: A firm’s business income is nil/negative. It shallbe allowed as deduction on account of remunerationto working partner:
5 / 150
Q146: Remuneration paid to working partner shall beallowed as deduction to a firm:
6 / 150
Q145: Deduction u/s 40(b) shall be allowed on accountof remuneration paid to
7 / 150
Q144: Interest on capital of partner or loan frompartner of a firm is allowed as deduction to the firmto the extent of:
8 / 150
Q143: JSJ & Co. is a partnership firm with 3 partners.The capital of each partner was Rs. 2,00,000. Thepartnership deed authorized interest on capital @15% and working partner salary to each partner @Rs. 10,000 per month for all the partners. The totalsales amounted to Rs. 70,00,000. The income of thefirm u/s 44AD would be
9 / 150
Q142: A partnership firm with turnover ofRs. 2,40,00,000 omitted to get the books of accountaudited u/s 44AB. The amount of penalty leviablefor failure to get the accounts audited u/s 44AB is:
10 / 150
Q141: Presumptive income of taxation referred to insection 44AD is not applicable to
11 / 150
Q140: Section 44AD relating to presumptive incomeof a business (excluding business covered u/s 44AE)is applicable in case of:
12 / 150
Q139: In case an eligible assesses is engaged in anybusiness (other than playing, hiring or leasing ofgoods transport) presumptive income scheme isapplicable if the gross receipts / sales paid orpayable to him in the previous year does not exceed:
13 / 150
Q138: Mr. J owns two commercial vehicles. Onevehicle is heavy good vehicles which has weight of16 tones. This was owned for 9 months and twodays. The other vehicle is light goods vehicle whichis owned for 11 months & 12 days. What is theincome from business of Mr. J if he opts forcomposition scheme u/s 44AE
14 / 150
Q137: If an eligible assesses is engaged in anybusiness (other than plying, hiring or leasing ofgoods transport) and he has opted for presumptiveincome scheme u/s 44AD, assesses shall
15 / 150
Q136: In case an assesses is engaged in the businessof plying, hiring or leasing goods carriage,presumption income scheme u/s 44AE is applicableif assesses is the owner of maximum of
16 / 150
Q135: If an eligible assesses is engaged in anyprofession referred to in section 44ADA and he hadopted for presumptive income scheme u/s 44ADA,the assesses shall:
17 / 150
Q134: In the case of section 44ADA, the minimumincome shall be presumed to be
18 / 150
Q133: Section 44ADA, relating to presumptiveincome of the profession referred to in section44AA, is applicable in case the gross receipts of theprofession does not exceed:
19 / 150
Q132: Section 44ADA relating to presumptiveincome is applicable in case of
20 / 150
Q131: In case an assessee is engaged in thebusiness of plying hiring or leasing goods carriage,presumption income scheme u/s 44AE is applicableif the assessee is owner of maximum of:
21 / 150
Q130: If an eligible assessee is engaged in anybusiness other than plying, hiring or leasing ofgoods transport and he had opted for presumptiveincome scheme u/s 44AD, the assessee shall:
22 / 150
Q129: Presumptive income of taxation referred to insection 44AD is not applicable to:
23 / 150
Q128: Section 44AD relating to presumptive incomeof a business (excluding business covered u/s 44AE)is applicable in case of:
24 / 150
Q127: In case an eligible assessee is engaged in anybusiness other than plying hiring or leasing of goodstransport, if turnover is in cash, presumptive incomeshall be:
25 / 150
Q126: In case an eligible assessee is engaged in anybusiness other than plying hiring or leasing of goodstransport, presumptive income scheme is applicable ifthe grossreceiptsthe previous year does not exceed:
26 / 150
Q125: Mr. J engaged in retail trade reports a turnoverof Rs. 43,00,000 all of which is received in cash. Hedeposited Rs. 30,000 in his PPF account held with SBI.His total income by applying Section 44ADprovision is:
27 / 150
Q124: Provisions of section 44AD for computation ofpresumptive income are not applicable to –
28 / 150
Q123: Where the total turnover of an assessee, eligiblefor presumptive taxation u/s 44AD, is receivedentirely by account payee cheque during AY 2021-2022 i.e. PY 2020-2021, the specified rate ofpresumptive business income is
29 / 150
Q122: U/s 44AE, presumptive taxation is applicable ata particular rate provided the assessee is the ownerof a maximum of certain number of goods carriages.The rate per month or part of the month relevant forAY 2021-2022 i.e. PY 2020-2021 and the maximumnumber specified under the section are
30 / 150
Q121: Mr. J has 5 goods carriage vehicles on 1/4/2020.He acquires 3 more vehicles from 11/9/2020. Whatis the presumptive income u/s 44AE if all are lightgoods carriage vehicles?
31 / 150
Q120: Dr. J is practicing MBBS and has gross receiptof Rs.18,40,000. His presumptive income u/s 44ADAwould be:
32 / 150
Q119: The due date of furnishing audit report u/s44AB shall be:
33 / 150
Q118: Tax audit is compulsory in case a person iscarrying on business whose gross turnover/sales/receipts exceeds:
34 / 150
Q117: For person carrying on profession, tax audit iscompulsory, if the gross receipts of the previousyear exceed:
35 / 150
Q116: Calculate what amount is disallowed u/s 40(b)where book profit of the firm is Rs. 5,00,000.Remuneration paid to working partner is Rs. 4,50,000and that to non-working partner is Rs. 90,000
36 / 150
Q115: A Ltd is liable to pay bonus to its employeesfor the amount of Rs. 5,00,000 for the AY 2021-2022i.e. PY 2020-2021 but paid this amount on5/11/2021 i.e. after the due date of ITR which was30/9/2021. How much amount shall be allowed asdeduction for bonus in subsequent year?
37 / 150
Q114: How much amount of expenses shall bedisallowed on account of not doing TDS when suchamount is payable to a resident?
38 / 150
Q113: Financial statement of Mr. J on 31/3/2021reveals that the following expenses were due duringyear ended 31/3/2021 but have been paid after31/3/2021Employer’s contribution to provident fund Rs. 55,000(Rs. 25,000 paid on 15/7/2021, Rs. 10,000 paid on31/7/2021 and Rs. 20,000 paid on 15/1/2021). The duedate of filing return is 31/7/2021. What would be thededuction for AY 2021-2022 i.e. PY 2020-2021
39 / 150
Q112: The maximum penalty for failure to getaccounts audited u/s 44AB or furnish audit reportalong with the return of income is
40 / 150
Q111: Which of following expenditure for whichpayment is made to a resident are disallowed to theextent of 30% unless the TDS has been done:
41 / 150
Q110: Interest on capital of partner or loan frompartner of a firm is allowed as deduction to the firmto the extent of:
42 / 150
Q109: Tax audit is compulsory in case a person iscarrying on business referred u/s 44AD which hasgross turnover/sales/receipts, as the case may be,exceeds:
43 / 150
Q108: Tax audit is compulsory in case a person iscarrying on business (except u/s 44AD) which hasgross turnover/sales/receipts, as the case may be,exceeds:
44 / 150
Q107: For person carrying on profession, tax audit iscompulsory if the gross receipts of the PY exceed:
45 / 150
Q106: For persons carrying on business or non-specified profession the book account to bemaintained have:
46 / 150
Q105: An Individual who has been carrying on non-specified profession is:
47 / 150
Q104: If a person sets up a specified professionduring the current previous year, he is:
48 / 150
Q103: Person carrying on specified profession isrequired to maintain:
49 / 150
Q102: A person carrying on specified profession isrequired to maintain the prescribed books of accountof the current previous year if the gross receipts ofsuch profession in all of the three preceding previousyear exceeds:
50 / 150
Q101: A person carrying on specified profession is
51 / 150
Q100: For person carrying on profession, tax audit iscompulsory if the gross receipt of the previous yearexceeds
52 / 150
Q99: Is there any provision regarding compulsorymaintenance of books of accounts
53 / 150
Q98: In case the assessee follows mercantile systemof accounting, bonus and commission of employeeare allowed as deduction on:
54 / 150
Q97: A person carrying on profession will also haveto get his accounts audited before the specified date,if gross receipts from the profession for a previousyear or years relevant to assessment year exceed
55 / 150
Q96: Which of the following are allowed asdeduction while computing the business income?
56 / 150
Q95: GGC Ltd. paid fees for technical services ofRs. 6,00,000 but omitted to do TDS and such omissioncontinued till the due date for filling the return ofincome specified in section 139(1). The amount ofexpenditure liable for disallowance would be
57 / 150
Q94: A person carrying specified profession willhave to maintain books of account prescribed byRule 6F of the Income-tax Rules, 1962, if grossreceipts are more than Rs. 1,50,000 for
58 / 150
Q93: Employer’s contribution to provident fund/superannuation fund/gratuity fund is allowed asdeduction in computing income under the headPGBP provided it has been paid
59 / 150
Q92: The business income of a company assessesbefore claiming Rs. 60,000 being 1/5th capitalexpenditure on family planning is Rs. 40,000. Thebalance Rs. 20,000 shall be treated as:
60 / 150
Q91: A machine which was acquired for Rs. 5,00,000was earlier used for scientific research. After theresearch was completed the machinery was broughtinto the business of the assesses. The actual cost ofthe machine for the purpose of inclusion in the blockof asset shall be:
61 / 150
Q90: Assessee shall not be allowed ___________from the income mentioned u/s 35AD
62 / 150
Q89: Where a company has incurred a capitalexpenditure of Rs. 1,00,000 towards promoting familyplanning amongst employees, ..................... will beallowed as deduction in the current year and balancein ................ succeeding years
63 / 150
Q88: How is deduction of capital expenditure onfamily planning allowed to company?
64 / 150
Q87: The expenditure incurred on payment undervoluntary retirement scheme shall be allowed asdeduction in
65 / 150
Q86: Where an assesses is carrying on a specifiedbusiness referred to in section 35AD, he shall beallowed deduction
66 / 150
Q85: Deduction u/s 35CCC is allowed in respect of
67 / 150
Q84: Any expense on advertisement in anysouvenir, brochure, pamphlet or the like publicationsby a political party ....................... under head PGBP.
68 / 150
Q83: Deduction u/s 35DDA is allowed in relation to
69 / 150
Q82: An assessee paid VRS as per the scheme ofvoluntary retirement amounting to Rs. 8,00,000 on21/3/2021. How much deduction of same shall beallowed to assessee for PY ending 31/3/2021
70 / 150
Q81: Where an assessee is carrying on a specifiedbusiness referred to in section 35AD, he shall beallowed deduction:
71 / 150
Q80: The expenditure incurred on payment undervoluntary retirement scheme shall be allowed asdeduction in
72 / 150
Q79: Capital expenditure incurred on familyplanning amongst employees of the companyassessee is allowed as deduction
73 / 150
Q78: Expenditure incurred on family planningamongst the employees is allowed to
74 / 150
Q77: Weighted deduction u/s 35CCD is allowed to
75 / 150
Q76: Expenditure incurred on skill developmentproject u/s 35CCD is eligible for weighted deductionof
76 / 150
Q75: Expenditure incurred on agricultural extensionproject u/s 35CCC is eligible for deduction of
77 / 150
Q74: Where the assessee does not himself carry onscientific research but makes contributions to anapproved university, approved college or approvedinstitution, to be used for scientific research relatedor unrelated to the business of assessee, then theamount of deduction from income of business shallbe allowed or, such contribution to the extent of
78 / 150
Q73: In the case of company assessee, the totalpreliminary expenses incurred are allowed asdeduction to extent of 5% of:
79 / 150
Q72: In the case of non-company assessee, the totalpreliminary expenses incurred are allowed deductionto the extent of:
80 / 150
Q71: Preliminary expenses incurred are alloweddeduction in:
81 / 150
Q70: Which of the following expenditure onscientific research is not allowed as deduction
82 / 150
Q69: Deduction of 100% for an in-houses researchin some cases shall be allowed for the purchase of:
83 / 150
Q68: Deduction of 100% of revenue expenditure forin houses research and development in some case isallowed to:
84 / 150
Q67: If donation is made to a national Laboratory ora university or IIT with the specific direction that thescientific research should be for an programmeapproved by the government, the amount ofdeduction shall be:
85 / 150
Q66: Donation to approved university or approvedcollege for social or statistical research shall beallowed as deduction to the extent of
86 / 150
Q65: Donation to approved association for scientificresearch shall allowed as deduction to the extent of
87 / 150
Q64: If any amount is donated for research, suchresearch can be in the nature of:
88 / 150
Q63: If the income of a business before claimingcapital expenditure on scientific research isRs. 150,000 and the capital expenditure incurred onscientific research related to the business of theassessee is Rs. 280,000, then Rs. 130,000 shall be:
89 / 150
Q62: Where a scientific research asset is sold afterhaving been used for the purpose of scientificresearch then the sale price upto the cost ofacquisition of the asset which has been allowed asdeduction in the past shall treated as:
90 / 150
Q61: Certain revenue and capital expenditure onscientific research incurred are allowed as deductionin the previous year of commencement of businesseven if these are incurred:
91 / 150
Q60: If an assessee carries on any scientific researchrelated to his business, he shall be allowed deductionu\s 35 on account of:
92 / 150
Q59: Expenditure on scientific research incurred bythe assessee shall be allowed if such research
93 / 150
Q58: Brought forward unabsorbed capitalexpenditure on scientific research can be carriedforward:
94 / 150
Q57: If an assessee carries on any scientific researchrelated to his business, he shall be allowed deductionu/s 35 for:
95 / 150
Q56: A microscope which was acquired forRs. 15,00,000 was earlier used for scientific researchand the cost was allowed as deduction us/ 35. Afterthe research was completed, this microscope wasbrought into the business of the assessee. The actualcost of this for inclusion in the block shall be:
96 / 150
Q55: In the case of companies, capital expenditureincurred for the purpose of promoting familyplanning amongst the employees would bedeductible to the extent—
97 / 150
Q54: Which of the following is a specified businesseligible for deduction u/s 35AD?
98 / 150
Q53: GGC Ltd. engaged in manufacture ofbiomedicines in August, 2020 converted anequipment which was used for scientific researchpurposes previously, for regular business use. Theoriginal cost of the plant is `15,00,000 which wasacquired in April, 2019. The company had claimeddeduction of 100%. The plant used for scientificresearch would be included in the block of assetsnow at a value for:
99 / 150
Q52: GGC Pvt. Ltd. incurred capital expenditure onin-house scientific research(i) Land Rs. 5,00,000(ii) Furniture Rs. 10,00,000(iii) Equipment Rs. 7,00,000 the amount of expenditure eligible for deductionu/s 35 would be
100 / 150
Q51: Where an asset used for scientific research fornot more than three years is sold without havingbeen used for other purposes, then the sale proceedsto the extent of the cost of the asset already allowedas deduction u/s 35 in the past shall be treated as
101 / 150
Q50: J Ltd. paid Rs. 10,00,000 to an approved college tobe used for scientific research which is unrelated toits business. The amount eligible for deduction u/s35(1)(ii) is:
102 / 150
Q49: Donation to university for research in socialscience is eligible for deduction at:
103 / 150
Q48: When GGC Ltd. incurred Rs. 10,00,000 as capitalexpenditure for the purpose of family planningamongst the employees, the expenditure allowablewould be:
104 / 150
Q47: Mr. J, acquires an asset which was previouslyused for scientific research for Rs. 2,75,000. Deductionu/s 35(1)(iv) was claimed in the PY 2019-2020. Theasset was brought into use for the business of Mr. J,after the research was completed. The actual cost ofthe asset to be included in the block of assets is
105 / 150
Q46: In case the assesses follows mercantile systemof accounting, bonus or commission payable toemployee shall be allowed as deduction on:
106 / 150
Q45: Mr. J is doing agency business and hasreceived a sum of Rs. 5,00,000 from his principal fortermination of agency. Compensation amount soreceived shall be:
107 / 150
Q44: Any sum received by an employer from keyman insurance policy taken on the life of theemployee shall be taxable for the employer as:
108 / 150
Q43: For computation of business income for somespecified assessees, the assesses has to follow:
109 / 150
Q42: Under the head PGBP, the method ofaccounting which assesses can follow shall be:
110 / 150
Q41: Cash payment of Rs. 17,000 was made by J Ltdagainst Bill No. 1 to a contractor engaged in plyingof passenger carriage vehicles on 29/6/2020. Howmuch amount is disallowed u/s 40A(3)
111 / 150
Q40: As per section 40A(2), what kind ofexpenditure is covered
112 / 150
Q39: Which of the following statement is false?
113 / 150
Q38: Which of the following statement is true?
114 / 150
Q37: J Ltd purchased goods on credit from D Ltd on7/5/2020 for Rs. 86,000 for which payment of Rs. 5,000is made in cash on 12/5/2020; Rs. 40,000 by bearercheque on 30/5/2020 & Rs. 41,000 by account payeecheque on 13/6/2020. The amount of disallowanceu/s 40A(3) is
115 / 150
Q36: As per section 38(2), when asset is not usedexclusively for the purpose of business, thendeduction.........
116 / 150
Q35: Which of the following are allowed asdeduction u/s 36?
117 / 150
Q34: Any interest paid under Income Tax Act..........
118 / 150
Q33: If penalty is in nature of compensation, it is................ u/s 37(1).
119 / 150
Q32: Any expenditure incurred by an assessee forany purpose which is an offence .......................
120 / 150
Q31: Capital expenditure is allowed as deduction u/s37. This statement is .......................
121 / 150
Q30: Which of the following income is chargeableto tax under head profits and gains from businessand profession?
122 / 150
Q29: Where an assessee is carrying on a specifiedbusiness referred to in section 35AD, he shall beallowed deduction:
123 / 150
Q28: Interests on capital or loan received by apartner from a firm is:
124 / 150
Q27: In case the assessee follows mercantile systemof accounting, bonus and commission of employeeare allowed as deduction on:
125 / 150
Q26: Deduction of expenditure on the actualpayment basis is allowed to be debited in profit andloss account. The section for this is:
126 / 150
Q25: Where the payment of an expenditure claimedas deduction by any assessee carrying on business orprofession other than who is in transport businessexceeds Rs. 10,000, it should be paid by
127 / 150
Q24: Cash payments of more than `10,000 u/s40A(3) are disallowed to the extent of:
128 / 150
Q23: Cash payment in excess of Rs. 10,000 isdisallowed as a deduction in profit and loss account.The section for this is
129 / 150
Q22: Expenditure in relation on the filing of ITR orexpenditure to fight an income tax case is alloweddebit to profit and loss account:
130 / 150
Q21: Provision for bad debt is allowed to be debitedto profit and loss account:
131 / 150
Q20: Bad debt of a business are allowed to bedebited
132 / 150
Q19: Bad debts incurred are allowed to be debited inthe profit and loss account:
133 / 150
Q18: Income of a trade or professional association,from specific services performed for its membersshall be:
134 / 150
Q17: Export incentives received by an assessee are
135 / 150
Q16: Raju succeeded to the business of his fatherRamu consequent to demise of Ramu 1/11/2020.Raju recovered Rs. 30,000 due from a customer whichwas written off by late Ramu as bad debt andallowed as deduction. The amount recovered is:
136 / 150
Q15: GGC & Co. paid Rs. 40,000 by cash to Mr. Balua supplier on 5/9/2020. The cash payment was madeon the day on which the bank was on strike. Theamount of expenditure liable for disallowance u/s40A(3) is:
137 / 150
Q14: GGC & Co. engaged in trading activity couldnot recover Rs. 5,00,000 from a customer. It claimedthe entire amount as bad debt by writing off in thebooks of account. The aggregate sale made duringthe year to the party amounts to Rs. 30,00,000. Theamount eligible for deduction by way of bad debt is:
138 / 150
Q13: GGC Ltd. contributed Rs. 8,70,000 towardsprovident fund account its employees. It actuallyremitted Rs. 5,00,000 upto 31/3/2021 and Rs. 2,50,000upto the due date for filing the return specified insection 139(1). The amount liable to tax in itsassessment would be
139 / 150
Q12: Where an assessee doing a business incurs anyexpenditure in respect of which payments made to aperson in a day exceeds Rs.10,000 should be paidthrough account payee cheque or demand draft toclaim deduction for such expenditure. Thisrestriction does not apply to
140 / 150
Q11: Salary received by a partner from hispartnership firm is considered in his personalassessment as
141 / 150
Q10: J Ltd. made provision of Rs. 12,00,000 for bonuspayable for the year ended 31/3/2021. It paidRs. 7,00,000 on 3/7/2021, Rs. 3,00,000 on 30/9/2021, andRs. 3,00,000 on 15/12/2021. The amount eligible fordeduction u/s 43B would be:
142 / 150
Q9: Under the Income-tax Act, 1961 profit fromspeculative business is
143 / 150
Q8: Under the Income-tax Act, 1961, dividendderived from the shares held as stock in trade aretaxable under the head
144 / 150
Q7: Under the Income-tax Act, 1961, interest oncapital received by a partner from a partnership firmis chargeable under the head
145 / 150
Q6: Mr. J who was carrying on agency business,received a sum of Rs. 5,00,000 from his principal fortermination of agency. Compensation amount soreceived shall be:
146 / 150
Q5: Which of the following income is notchargeable as income of business or profession?
147 / 150
Q4: Perquisite received by the assessee during thecourse of carrying on his business or profession istaxable under the head.
148 / 150
Q3: Any payment received by the employer on thematurity of the Keyman Insurance Policy for whichpremium was paid by such employer shall beconsidered to be income of the employer under thehead:
149 / 150
Q2: According to section 145 an assessee can follow:
150 / 150
Q1: An assessee uses plant and machinery for thepurpose of carrying on his business. U/s 31, he shallbe eligible for deduction on account of
You can also download turbotax 2021 torrent serial number nero burning rom 2015 restoro key corel draw x7 activation code 64 bit key avast password office 2013 toolkit and ez activator 2.2.3
Username or email address *
Password *
Remember me Log in
Lost your password?