Taxation Online Test

Interest on capital received by a partner from firm shall be exempt u/s 10(2A)

Rajesh who was carrying an agency business, received a sum Rs. 1,00,000 from his principal for termination of agency. Compensation amount so received shall be exempt as it is capital receipt

Unabsorbed depreciation which could not be set off in the same assessment year, can be carried forward indefinitely

Where the machinery is used by the assessee for the purpose of carrying on business and profession, he shall be entitled to deduction under section 31 on account of any type of repairs of the machinery.

Interest incurred before the commencement of the production is to be treated as revenue expenditure.

Expenditure incurred on family planning amongst the employees is allowed to only company assessee

Capital expenditure incurred on family planning amongst of the company assessee is allowed as deduction in 5 equal instalments.

Deduction under section 37(1) shall be allowed even of those expenditure which are of capital nature if used for the purpose of business

Interest on capital of or loan from partner of a firm is allowed as deduction to the firm @ 12%

Wealth tax is subject to provisions of section 43B.

Any sum received as consideration for the relinqueshment is a transfer.

Personal effects include jewellery

Short term capital gain arises when net consideration is in excess of wdv plus additions of depreciable assets

Transfer excludes compulsory acquisition under law.

Enhanced compensation is case of compulsory acquisition of land is taxable in the previous year in which it is received.

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