Profits & Gains of Business Important Question with Answer

Bachelor of commerce most important objective question answer | In this post we will provide Objective Answer Type Question of Income Tax. And all the mcq question’s answer are given below this post. Income Tax or Taxation that is the subject of Bachelor of Commerce

इस पोस्ट में हम आयकर के वस्तुनिष्ठ उत्तर प्रकार प्रश्न प्रदान करेंगे। और सभी MCQ प्रश्न के उत्तर इस पोस्ट के नीचे दिए गए हैं। Income Tax या Taxation जो बैचलर ऑफ कॉमर्स का विषय है

P R O F I T S  &  G A I N S  O F  B U S I N E S S  O R  P R O F E S S I O N

❖ OBJECTIVES :-

1. U/s 44AB the audit of accounts is compulsory if total sales exceed:

    a. Rs. 30 lakhs

    b. Rs. 40 lakhs

    c. Rs. 60 lakhs

    d. Rs. 1 Crore

2. U/s 44AB ‘specified date’ means: 

    a. 30th June

    b. 31st July

    c. 30th September

    d. 30th Nov

3. Interest on capital paid by the firm to its partners is allowed:

    a. up to 15%

    b. up to 16%

    c. up to 18%

    d. up to 12%

4. Out of the following, which expense is not an admissible expense: 

    a. Bad debts

    b. GST

    c. Income Tax

    d. Excise Duty

5. Which of the following, which expense is not an admissible an deduction while computing income from business and profession:

    a. Stock in trade lost in fire Rs. 20,000

    b. Entertainment expenses Rs. 10,000

    c. Commission of Rs. 2,000 paid in order to receive business

    d. Rs. 500 paid as fees to a lawyer for drafting the deed of agreement of partnership firm.

Profits & Gains of Business Important Question with Answer

6. While calculating business income, the disallowed portion of the preliminary expense is:

    a. ½

    b. 1/5

    c. 4/5

    d. 3/5

7. 150% of weighted deduction for in house research in some cases is allowed to:

    a. any assessee

    b. Company assessee

    c. A Scientific Research Association

    d. Co- operative society

8. Under which the work of a doctor is covered?

    a. Trade

    b. Business

    c. Profession

    d. None of these

9. Pick out the inadmissible expense:

    a. GST

    b. Expenses on the assessment of Income Tax

    c. Income Tax

    d. Depreciation on machine

10. Allowed item when computing business income is: 

    a. Doubtful debts reserve

    b. Actual bad debts

    c. Doubtful debts

    d. All of these

11. X Ltd. Spent Rs. 1,00,000 as preliminary expenses on 31st March, 2019 deduction allowed is:         

    a. Rs. 10,000

    b. Rs. 25,000

    c. Rs. 1,00,000

    d. Rs 20,000

12. Rs. 30,000 paid in cash for hire charges of goods carriage, the disallowed expense shall be:

    a. 25% of the amount paid

    b. Rs. 20,000

    c. Rs. 30,000

    d. NIL

13. A company incurred capital expenses Rs. 1,00,000 during the previous year on promotion of family planning amongst its employees. During the previous year deduction shall be allowed to the company:

    a. Rs. 20,000

    b. Rs.50,000

     c. Rs.1,00,000

    d. NIL

14. A businessman spent Rs. 50,000 on advertisement in a souvenir of a political party. He will get a deduction from: 

    a. Profits & gains of business

    b. Income from other sources

    c. Gross total income

    d. None of these

15. Amount paid to an approved university for social research. The deduction shall be allowed in respect of payment:

    a. 100%

    b. 125%

    c. 150%

    d. 200%

[Ans. 1.(d), 2.(c), 3.(d), 4.(c), 5.(d), 6.(c), 7.(b), 8.(c), 9.(c), 10(b), 11.(d), 12.(d), 13.(a), 14.(c), 15.(a).] DETERMINATION OF INCOME OF CERTAIN BUSINESS OR PROFESSION ON A PRESUMPTIV