Tax Book 2023

Assets and Depreciation Chapter- 10

(a) Equal

(b) Less

(c) Higher

(d) None of these

Q.17. A deduction for amortization is allowed only when the intangible has a useful life of _____.

(a) Less than one year

(b) Equal to one year

(c) Higher than one year

(d) Indefinite period

Q.18. In case of export of an asset, disposal consideration would be treated as the __.

(a) Cost of asset

(b) FMV at the time of export

(c) Consideration received

(d) None of these

Q.19. The cost of passenger transport vehicles plying for hire for Tax year 20 23 for depreciation purposes
would be equal to ____.
(a) Actual cost
(b) Rs. 7 ,500,000
(c) Higher of actual cost and 7 ,500,000
(d) Lower of 7 ,500,000

Q.20. Initial allowance for depreciation on passenger transport vehicles not plying for hire is
___.
(a) Allowed in the first year
(b) Allowed in last year
(c) Not allowed
(d) none of these

Q.21. In case of intangibles not used for the whole year, amortization allowed would be ___.

(a) or the full year

(b) Not to charged

(c) Charged on number of days basis

(d) none of the above

Q.22. Any gain or loss on disposal of intangible shall be treated as income or deduction under income from
___.
(a) Business income
(b) Other sources
(c) Capital gains
(d) None of these

Q.23. When an asset is sold, exchanged, transferred or distributed or cancelled, redeemed, relinquished,
destroyed, lost, expired or surrendered, it shall be treated as ___.
(a) Acquisition of asset
(b) disposal of an asset
(c) none of the above