Tax Book 2023

Income From Business Chapter- 09

(b) NTR

(c) Separate block

(d) All of the above

(e) both (a) and (b)

Q. 9 An income received by the lessor in connection with the lease is taxable under ___.

(a) Income from property

(b) Income from Business

(c) Income from other sources

(d) None of these

Q. 10 Income from business comprises of _____.

(a) Income from speculation business

(b) Income from non-speculation business

(c) Both ‘a’ and ‘b’

(d) None of these

Q. 11 A person is required to deduct tax at source, where applicable in respect of payments against
__.
(a) Salary
(b) Rent
(c) Dividend
(d) All of these
(e) only (a) and (c)

Q. 12 ___ allowed as deduction against business income

(a) Accounting depreciation

(b) Tax depreciation

(c) Both of these

(d) None of these

Q. 13 Any payment made to the employees as ___ will be allowed as deduction to employer.

(a) Brokerage

(b) Commission

(c) Salary

(d) all of the above

Q. 14 Single transaction not exceeding _____ are allowed as deduction against business income

(a) 5,000

(b) 1,000

(c) 10,000

(d) 25 ,000

Q. 15 Income tax is allowed as deduction against business income in the year

(a) In which income is earned

(b) In the following year

(c) Not allowed