Start learning →

CA Inter Aggregation of Income, Set Off of Losses and Deductions — practice questions — page 2

Explore 84 free Aggregation of Income, Set Off of Losses and Deductions questions in CA Inter Taxation. Open each question or exercise to read its content, reference answers and available explanation.

Practise Aggregation of Income, Set Off of Losses and Deductions with Quill →

Aggregation of Income, Set Off of Losses and Deductions questions and exercises with answers

Showing questions 31–60 of 84.

A loss under the head Profits and gains of business or profession cannot be set off against income from:Read the answer and worked solution →Can a net loss under Capital gains be set off against salary income of the same year?Read the answer and worked solution →A house property loss (an other-head loss) may be set off against capital gains that are:Read the answer and worked solution →Under section 72, a carried-forward business loss is absorbed by:Read the answer and worked solution →How long can a business loss, other than speculation, stay carried forward under section 72?Read the answer and worked solution →Where depreciation allowance is to be carried forward, section 72(2) first gives effect to:Read the answer and worked solution →A speculation business loss can be set off only against:Read the answer and worked solution →A carried-forward speculation loss may be used for at most how many assessment years?Read the answer and worked solution →A company trading in others' shares is deemed under section 73 to run:Read the answer and worked solution →Which company escapes the deemed-speculation rule for share trading?Read the answer and worked solution →How many assessment years does section 74 allow for carrying forward a capital loss?Read the answer and worked solution →Later-year set-off of an earlier long-term capital loss is limited to:Read the answer and worked solution →Owning race horses leads to a loss; set-off is allowed only against:Read the answer and worked solution →What is the carry-forward window for a race horse ownership loss under 74A?Read the answer and worked solution →For section 74A, 'horse race' means a race on which wagering or betting is:Read the answer and worked solution →'Income by way of stake money' for race horse owners means gross:Read the answer and worked solution →Aggregate Chapter VI-A deductions can never exceed the assessee's:Read the answer and worked solution →Chapter VI-A deductions are allowed from the assessee's:Read the answer and worked solution →A deduction already allowed to an AOP under the same section is not repeated for:Read the answer and worked solution →Who can claim a deduction under section 80C?Read the answer and worked solution →The section 80C ceiling listed for the Finance Act 2015 position is:Read the answer and worked solution →Which school payment qualifies for a section 80C deduction?Read the answer and worked solution →Tuition fees qualify under 80C only if paid to an educational institution situated:Read the answer and worked solution →A government salary deduction for a deferred annuity counts under 80C up to what part of salary?Read the answer and worked solution →Which investment is listed for the 80C deduction?Read the answer and worked solution →Health insurance premium under section 80D must be paid by:Read the answer and worked solution →Within the 80D limit, preventive health check-up expenses are allowed up to:Read the answer and worked solution →Preventive health check-up under 80D may be paid by:Read the answer and worked solution →A self-employed person's pension contribution under 80CCD(1) is capped at ten percent of:Read the answer and worked solution →Additional pension scheme deduction under section 80CCD(1B) is limited to:Read the answer and worked solution →

Worked practice questions

A loss under the head Profits and gains of business or profession cannot be set off against income from:

  1. House property
  2. Capital gains
  3. Salaries
  4. Other sources
Show answer and solution

Correct answer: C. Salaries

Section 71(2A) bars setting off a business loss against Salaries income.

Open this question →

Can a net loss under Capital gains be set off against salary income of the same year?

  1. Yes, in full amount
  2. Yes, up to half of it
  3. Yes, up to Rs 2 lakh
  4. No, not against other heads
Show answer and solution

Correct answer: D. No, not against other heads

Section 71(3) bars setting off a capital gains loss against income under any other head.

Open this question →

A house property loss (an other-head loss) may be set off against capital gains that are:

  1. Short-term or long-term
  2. Long-term gains only
  3. Short-term gains only
  4. Neither of the two
Show answer and solution

Correct answer: A. Short-term or long-term

Section 71(2) lets such a loss be set off against capital gains, whether short-term or any other capital assets.

Open this question →

How to practise

  1. Choose a Aggregation of Income, Set Off of Losses and Deductions question and try to work out your answer.
  2. Open the question to check the correct answer and read its worked solution.
  3. Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.

More Taxation topics

GST Time, Value, Place of Supply and Input Tax CreditAdvance Tax, TDS and TCSProfits and Gains of Business or ProfessionIncome-tax Basic ConceptsSalariesResidence and Scope of Total IncomeIncome from House PropertyComputation of GST Liability