Income From Business Chapter- 09
(d) all of aboveQ. 47 Tax credit is allowed on donation to ___.
(a) Beggars
(b) financial institution
(c) banks
(d) approved institution u/s 61Q. 48 Any expenditure in nature of fine or penalties for violation of any law is _____ against business
income.
(a) Admissible
(b) inadmissible
(b) both ‘a’ or ‘b’
(c) none of above
Q. 49 ___ receipts mean all receipts less deduction of expenditures.
(a) Gross
(b) net
(c) final
(d) all of aboveQ. 50 If any expenditure is allowed as business expense however the liability against the same has not
been paid within years including the year of its allow-ability then the same will be treated as
income of the taxpayer after expiry of the years.
(a) 5
(b) 3
(c) 10
(d) 15
Q. 51 If a deduction is allowed as expense and subsequently any benefit against the same, such as cash
discount received then the same will be taxable under the head income from _____.
(a) Business
(b) other sources
(c) salary
(d) property
ANSWERS
1 (c) 2 (d) 3 (b) 4 (b) 5 (b)
6 (a) 7 (a) 8 (d) 9 (b) 10 (c)
11 (a) 12 (b) 13 (d) 14 (d) 15 (c)
16 (d) 17 (c) 18 (b) 19 (d) 20 (e)
21 (a) 22 (a) 23 (c) 24 (c) 25 (a)
26 (b) 27 (c) 28 (b) 29 (d) 30 (b)
31 (d) 32 (d) 33 (c) 34 (c) 35 (a)
36 (c) 37 (c) 38 (a) 39 (b) 40 (a)
41 (a) 42 (b) 43 (b) 44 (a) 45 (b)
46 (d) 47 (d) 48 (b) 49 (b) 50 (b)