Tax Book 2023

Assets and Depreciation Chapter- 10

(a) cost

(b) WDV

(c) depreciation

(d) all of above

Q.40 The ___ of an asset is treated as disposal consideration in case of export of a depreciable asset.

(a) cost

(b) WDV

(c) depreciation

(d) all of above

Q.41 Value of motor vehicle not plying for hire is restricted to Rs. ____ for income tax purposes.

(a) 1,500,000

(b) 2,000,000

(d) 2,500,000

(d) 3,000,000

Q.42 _____ of a discarded asset at the date when it is discarded is treated as its disposal consideration of
the discarded asset.
(a) cost
(b) WDV
(c) FMV
(d) accumulated depreciation

Q.43 When an asset is acquired with a loan in foreign currency and exchange rate fluctuates before any
repayment then the difference on account of foreign currency fluctuation should be ___ for
depreciation purposes.
(a) ignored
(b) taken into account
(c) exempt
(d) none of above

Q.44 When an asset is wholly used in the tax year and sold at the end of year, then _____ shall be
charged.
(a) full year depreciation
(b) no depreciation
(d) 50% depreciation
(e) none of above

Q.45 Rate of depreciation for building is 10% of __.

(a) cost

(b) accumulated depreciation

(c) WDV

(d) cost of land

Q.46 The rate of depreciation for a ramp build to provide access to persons with disabilities not exceeding
Rs.250,000 each is _____%.
(a) 50
(b) 70
(c) 80