CA Inter Profits and Gains of Business or Profession — practice questions
31 free MCQs with worked solutions. Tap any question for the answer + explanation, or practice them all in the app.
Practice CA Inter Profits and Gains of Business or Profession in the app →An assessee computed business income without claiming depreciation, hoping to claim it in a later, more profitThe rate of depreciation on computers, including computer software, under the Income-tax Rules is:Section 40A(3) disallows the ENTIRE expenditure where payment to a single person in a single day, otherwise thInterest paid by a partnership firm to a partner, authorised by the partnership deed, is deductible under sectExpenditure incurred by a company on Corporate Social Responsibility activities referred to in section 135 of Under section 44ADA, a resident individual engaged in the legal profession with gross receipts of Rs 40 lakhs A speculative transaction under section 43(5) is a contract for purchase or sale of a commodity, including stoDepreciation on intangible assets such as patents, trademarks and franchises acquired after 31.3.1998 (not beiA manufacturer who has exercised the option of shifting out of the default tax regime instals new plant and maMachinery acquired during the year was put to use for 150 days in that year. Depreciation for the year of acquA company credited consultancy fees of Rs 1,00,000 to a resident consultant without deducting tax at source. TUnder section 43B(h), a sum payable to a micro or small enterprise is deductible on accrual only if it is paidFor claiming deduction of a bad debt under section 36(1)(vii), the essential condition is that the debt must bUnder section 44AE, presumptive income from a HEAVY goods vehicle (gross vehicle weight exceeding 12,000 kg) iUnabsorbed depreciation carried forward under section 32(2) can be set off in a subsequent year against:A trader made four separate cash payments of Rs 8,000 each to the same supplier on the same day, totalling Rs On the first Rs 6,00,000 of book profit (or in case of a loss), the maximum remuneration deductible to workingIncome derived from growing and manufacturing tea in India is apportioned between business income and agricultEmployees' contributions to provident fund recovered from salaries are deductible to the employer under sectioAdditional depreciation under section 32(1)(iia) is available on which one of the following acquisitions by anIn-house CAPITAL expenditure on scientific research related to the assessee's business (other than land) qualiA firm's book profit is Rs 10,00,000 and it paid its working partners authorised remuneration of Rs 8,50,000. An employer contributes 20 per cent of basic salary to the NPS account of an employee whose basic salary is RsA company claimed Rs 50,00,000 under section 35AD for a warehouse building in A.Y. 2025-26 and transferred theA car purchased on 10.8.2022 for Rs 5,25,000 for personal use was brought into professional use on 1.7.2025, wAn eligible 44AD assessee has turnover of Rs 2,98,50,000, of which Rs 14,00,000 was received in cash and the bA trader's turnover for P.Y. 2025-26 is Rs 8 crore. Cash receipts are 3 per cent of total receipts and cash paUnpaid interest of Rs 45,00,000 due to a State Financial Corporation and a bank was converted into fresh loansA tyre manufacturer (opted out of the default regime) instals plant and machinery of Rs 120 crore, comprising A firm's net profit is Rs 17,00,000 before deducting partner salary of Rs 9,60,000, depreciation of Rs 1,50,00Which statement about the deductibility of Securities Transaction Tax (STT) and Commodities Transaction Tax (C