Tax Book 2023

Income From Business Chapter- 09

(a) allowable expenditure under IFB

(b) Allowable Expenditure under Income from other Sources

(c) not allowable

Q. 24 If the lease rentals have been paid to the ____then it shall be an allowable expenditure to
the taxpayer.
(a) Schedule Banks
(b) modaraba
(c) Both of them

Q. 25 __ value of any benefit or perquisite arising from the past, present or prospective business
relationship is chargeable under the head
(a) Business Income
(b) Income from other sources
(c) none of these

Q. 26 The function of buying and selling of financial securities by the dealer is called __

(a) Jobbing

(b) arbitrage

(c) both

Q. 27 Repair Charges and insurance premium of any asset used for the business and private purposes are
___under the head of business income
(a) Allowable
(b) not allowable
(c) Proportionately allowed

Q. 28 Provisions and P and L appropriations items are ____ expense.

(a) allowable

(b) not allowable

(d) manufacturing

(d) factory

Q. 29 Which of the following expenses is not admissible?

(a) provision for doubtful debts

(b) bad debts

(c) penalty

(d) both ‘a’ and ‘c’

Q. 30 Depreciation is allowed as per ___.

(a) accounts

(b) tax

(c) estimates

(d) not allowed

Q. 31 Which of the following donations are allowed as straight deduction?

(a) donation to unapproved institution

(b) donation to institution under section 61