Income from Business and Profession MCQ | 30 Free MCQs

11. The …………. of WDV of the block and rate of depreciation is the amount of depreciation.
a) Product
b) Addition
c) None of the above

12. Unabsorbed depreciation can be carried forward for ……………. period.
a) Indefinite
b) 5 Years
c) None of the above

13. Amount paid to the national laboratory to be used for scientific research shall be allowed a weighted deduction of …………… % of sum paid.
a) 200%
b) 150%
c) 100%
d) None of the above

14. Expenditure incurred on family planning amongst the employees is allowed to ………..
a) assessee
b) Company
c) None of the above

15. If residential flats are let out to the employees for the efficient conduct of assessee’s own business, income from such letting is taxable under the head ……………
a) Income from other sources
b) Business income
c) Income from salaries
d) None of the above

16. Expenditure on scientific research incurred by the assessee can be claimed as deduction provided the research is …………… to assessee’s business.
a) related
b) not related
c) None of the above

17. In respect of ………… allowed as deduction u/s 35, no depreciation can be claimed u/s 32.
a) Capital expenditure
b) Revenue expenditure
c) None of the above

18. Income from Profit and Gains of business or Profession is 4,00,000 and his loss from speculative business is 1,00,000, during the same previous year. Net business income taxed during the previous year will be ………………
a) 1,00,000
b) 5,00,000
c) None of the above

19. Where the amount of expenditure claimed as deduction exceed 10,000, it should be paid by…………
a) Crossed cheque
b) Account payee cheque /draft
c) Cash
d) None of these

20. Where the amount of expenditure claimed as deduction exceeds 10,000, it is not made by account payee cheque/draft.
a) 20% of such payment shall be disallowed
b) 100% of such payment shall be disallowed
c) 20% of the excess over 20,000 of such payment shall be disallowed
d) None of the above

Answers: 11)Indefinite 12)Indefinite 13)200% 14)Company 15)Business income 16)related 17)Capital expenditure 18)5,00,000 19)Account payee cheque /draft 20)100% of such payment shall be disallowed