Tax Book 2023

Assets and Depreciation Chapter- 10

Q.31 Initial allowance on building is allowed at ____% of cost of building.

(a) 50

(b) 40

(c) 15

(d) 0

Q.32 Expenditures for acquiring land is included in _____.

(a) cost of land

(b) WDV of land

(c) depreciation of land

(d) all of above

Q.33 Depreciation in respect of asset acquired on lease is _____.

(a) admissible

(b) inadmissible

(c) equal to tax depreciation

(d) none of above

Q.34 Full year depreciation is charged in the year of _____.

(a) disposal

(b) destruction

(c) acquisition

(d) all of above

Q.35 Amount of depreciation allowed to ____ is restricted to the lease rental income derived during
the year in respect of leased assets.
(a) leasing companies
(b) individuals
(c) AOP
(d) all of above

Q.36 The cost of asset is allowed as expense where the asset with a useful life is ___ one year.

(a) less than or equal to

(b) more than

(c) none of above

Q.37 The amount of any grant receivable in respect of acquisition of asset shall be included in the cost of
such asset where such grant is ___.
(a) exempt
(b) taxable
(c) none of above

Q.38 The cost of land and the cost of immovable property on such land are shown ____.

(a) separately

(b) together

(c) in profit and loss account

(d) all of above

Q.39 The consideration received on disposal of an immovable properly shall be treated as its ___ if it
exceeds the original cost of asset.