Classical

Advanced Questions - Section 1

11:  

Income tax is rounded off to

A.

Nearest ten rupees

B.

Nearest one rupee

C.

No rounding off of tax is done

D.

None of the above

 
 

Option: A

Explanation :

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12:  

For claiming exemption under section 54B the assessee should acquire

A.

Urban agricultural land

B.

Rural agricultural land

C.

Any agricultural land

D.

None of the above

 
 

Option: C

Explanation :

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ishu singla said: (8:37am on Monday 6th June 2016)
Any trick to learn deduction under different section

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13:  

An asset which was acquired for Rs. 5,00,000 was earlier used for scientific research. After the research was completed, the machinery was brought into the business of the assessee. The actual cost of the asset for the purpose of inclusion in the block of 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

 
 

Option: B

Explanation :

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14:  

TI of a person is determined on the basis of his

A.

residential status in India

B.

citizenship in India

C.

none

D.

both of the above

 
 

Option: A

Explanation :

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15:  

For person carrying on profession, tax audit is compulsory, if the gross receipts of the previous year exceeds

A.

Rs. 50 lakhs

B.

Rs. 40 lakhs

C.

Rs.10 lakhs

D.

None of the above

 
 

Option: A

Explanation :

The tax audit limit for professionals is Rs 50 lakhs from FY 2016-17 onwards.

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