Tax Book 2023

Losses Chapter- 14

(d) all of above

Q.22 Group relief is not available to company engaged in the business of ___.

(a) trading

(b) manufacturing

(c) providing of services

(d) none of above

Q.23 In case of adjustment of assessed business losses the loss of the earliest year shall be set off
_____.
(a) first
(b) last
(c) none of above

Q.24 The losses of speculation business can only be carried forward against income from the _____ head.

(a) any

(b) same

(c) other

(d) all of above

Q.25 Capital losses cannot be carried forward against income of ____ head.

(a) any

(b) same

(c) other

(d) all of above

Q.26 The loss of the amalgamating company other than _____ can be adjusted against the
income of the amalgamated company.
(a) brought forward losses
(b) capital losses
(c) business losses
(d) both ‘a’ and ‘b’

Q.27 Where the current year loss of the amalgamating company cannot be set off against the income of
the amalgamated company then the same will be carried forward for ___ years.
(a) 5
(b) 6
(c) 7
(d) 8

Q.28 The members of an AOP are ____ to set off and carry forward their share of loss received by
them from the AOP.
(a) not allowed
(b) allowed
(c) both ‘a’ or ‘c’
(d) none of above

Q.29 There is no time limit for carry forward of ____.