Category: Tax Law

An assessee has paid life insurance premium of Rs.25,000 dur

Tax Law

An assessee has paid life insurance premium of Rs.25,000 dur

Posted By Bruce Simons

An assessee has paid life insurance premium of Rs.25,000 during the previous year for a policy of Rs.1,00,000.He shall: a) Not be allowed deduction u/s 80C b) Be allowed Deduction u/s 80C to the exten

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R who is entitled to a salary of Rs.10,000 p.m. took an adva

Tax Law

R who is entitled to a salary of Rs.10,000 p.m. took an adva

Posted By Bruce Simons

R who is entitled to a salary of Rs.10,000 p.m. took an advance of Rs.20,000 against the salary in the month of March 2013.The gross salary of R for assessment year 2014-15 shall be: a) Rs.1,40,000 b)

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A is entitled to children education allowance @ Rs. 80 p.m.

Tax Law

A is entitled to children education allowance @ Rs. 80 p.m.

Posted By Bruce Simons

A is entitled to children education allowance @ Rs. 80 p.m. per child for 3 children amounting Rs. 240 p.m. It will be exempt to the extent of : a) Rs.200 p.m. b) Rs.160 p.m. c) Rs. 240 p.m.

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Under the head Business or Profession, the method of account

Tax Law

Under the head Business or Profession, the method of account

Posted By Bruce Simons

Under the head Business or Profession, the method of accounting which an assessee can follow shall be : a) Mercantile system only b) Cash system only c) Mercantile or cash system only d) Hybrid system

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An asset which was acquired for Rs. 5, 00, 000 was earlier u

Tax Law

An asset which was acquired for Rs. 5, 00, 000 was earlier u

Posted By Bruce Simons

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

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Certain revenue and capital expenditure on scientific resear

Tax Law

Certain revenue and capital expenditure on scientific resear

Posted By Bruce Simons

Certain revenue and capital expenditure on scientific research are allowed as deduction in the previous year of commencement of business even if these are incurred: a) Five years immediately before th

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Interest on capital of or loan from partner of a firm is all

Tax Law

Interest on capital of or loan from partner of a firm is all

Posted By Bruce Simons

Interest on capital of or loan from partner of a firm is allowed as deduction to the firm to the extent of: a) 18% p.a. b) 12% p.a. even if it is not mentioned in partnership deed c) 12% p.a. d) the r

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New assets acquired for claiming exemption u/s 54, 54B or 54

Tax Law

New assets acquired for claiming exemption u/s 54, 54B or 54

Posted By Bruce Simons

New assets acquired for claiming exemption u/s 54, 54B or 54D,if transferred within 3 years, will result in: a) Short-term capital gain b) long-term capital gain c) ST or LTCG depending upon original

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Where the entire block of the depreciable asset is transferr

Tax Law

Where the entire block of the depreciable asset is transferr

Posted By Bruce Simons

Where the entire block of the depreciable asset is transferred after 36 months, there will be: a) Short-term capital gain b) Long-term capital gain c) Short-term capital gain or loss d) Long-term capi

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Loss under the head capital gain in a particular assessment

Tax Law

Loss under the head capital gain in a particular assessment

Posted By Bruce Simons

Loss under the head capital gain in a particular assessment year can: a) Be set off from other head of income in the same assessment year. b) Be carried forward c) Neither be set off nor carried forwa

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