Description : Capital receipts under head “PGBP” shall be ………… a) Added to income b) Deducted from income c) Shall not take in to account d) Shown as separate line item
Last Answer : ICDS-3 is applicable for-
Description : ICDS is not applicable to: a) All assessee b) Individual and HUF who are required to get audit u/s 44AD c) Individual and HUF who are not required to get audit u/s 44AD d) 1 & 2
Last Answer : c) Individual and HUF who are not required to get audit u/s 44AD
Description : ICDS-3 is applicable for a) Construction contract b) Foreign currency c) Inventory d) Revenue Recognition
Last Answer : a) Construction contract
Description : ICDS are made applicable from a) A.Y.2016-17 b) F.Y.2016-17 c) F.Y.2017-18 d) A.Y.2018-19
Last Answer : b) F.Y.2016-17
Description : Mr. X, the manager of XYZ Ltd. since 2002, was terminated by the Company on 1st Aug 2017 y paying a compensation of Rs.200 Lakhs. Such Compensation is: a) Chargeable under the Wealth tax Act 1957 b) Not Chargeable under Income Tax Act c) Chargeable u/s 17(3)(i) d) Chargeable u/s 28(ii)(a)
Last Answer : d) Chargeable u/s 28(ii)(a)
Description : Depreciation under ICDS-V shall be charged in accordance with : a) Income Tax Act 1961 b) Companies Act 2013 c) Notified Rate –CBEC d) Straight line over the useful life
Last Answer : a) Income Tax Act 1961
Description : What all sources are taken under “PGBP” a. Business b. Profession c. Vocation d. a & b e. a,b and c
Last Answer : c. Vocation
Description : ICDS-3 recognises income on: a) Estimated basis b) Valuation basis c) Percentage of completion basis d) All of the above
Last Answer : c) Percentage of completion basis
Description : Sale of Goods and rendering of services are recognized under: a) ICDS-X b) ICDS-IV c) ICDS-V d) ICDS-VIII
Last Answer : b) ICDS-IV
Description : ICDS doesn’t recognize a) Materiality b) Prudence c) Both of the above d) All the above are incorrect
Last Answer : c) Both of the above
Description : Rate of Depreciation chargeable on fully temporary wooden structure: a) 100% b) 50% c) 40% d) 15%
Last Answer : c) 40%
Description : As per ICDS I, treatment of presentation have to be governed by: a) Substance b) Legal form c) Substance and not merely legal form d) Legal and not merely substance form
Last Answer : c) Substance and not merely legal form
Description : As per ICDS-2, inventories mean a) Items held for sale in ordinary course of business b) Process of production for sale c) Material or supplies to be consumed in production process or in services d) All of the above
Last Answer : d) All of the above
Description : Non-Monetary item exchange differences shall be ---------- as per ICDS-IV a) Recognised b) Not recognised c) Ignored d) Partially recognized and partially not
Last Answer : b) Not recognised
Description : Determine which of the following method of accounting maybe used in the calculation of income under the head- Profits and gains from business and profession or Income from other sources ? a) Mercantile ... b) Cash system of accounting c) Both of the above maybe used d) casual accounting
Last Answer : c) Both of the above maybe used
Description : Under the Income Tax Act 1961, “Notional profit” from speculative business is: a) taxable under the head income from “Profits and Gains from Business and Profession” b) taxable under the head “Income from other sources” c) either A or B d) not taxable
Last Answer : d) not taxable
Description : Raman & Co., a Partnership firm, received Rs.5 lakh from Insurance Company under Keyman Insurance Policy consequent to demise of Partner Pramod. The amount of premium of Rs.230000 paid earlier was claimed as ... ) b) Fully taxable as Income c) Rs.270000 is taxable d) Rs.230000 is taxable
Last Answer : d) Rs.230000 is taxable
Description : Under the Income Tax Act 1961, Depreciation on machinery is charged on : a) Purchase Price of the machinery b) Market Price of the Machine c) Written Down value d) A or B which is less
Last Answer : c) Written Down value
Description : Mr. Vaibhav, deriving business income, owns a car whose WDV as on 1st april 2016 was Rs.3Lakh. This is the only asset in the block of assets with rate of 15%. It is estimated that 1/3rd of the total usage of ... as on 31st March, 2018 would be a) Rs.216750 b) Rs.243000 c) Rs.255000 d) Nil
Last Answer : c) Rs.255000
Description : In case a person has multiple business, income earned from each business shall be………… a) Separately computed b) Consolidated c) Planned Differently d) Any of above based on conditions
Last Answer : a) Separately computed
Description : Income from enhanced compensation shall be considered as income…………… a) In the year it is received b) In the year in which it is deemed to be received c) In any year at the option of the assessee
Last Answer : a) In the year it is received
Description : The claim for escalation for price and export incentive shall be deemed to be income of . a) Previous year, if reasonable certainty for realization is involved b) Current year, if realization ... c) At the option of the assessee stating valid reasons d) All of the options are incorrect
Last Answer : a) Previous year, if reasonable certainty for realization is involved
Description : Any income which is earned illegally shall ........... a. be included to profit b. be excluded / deducted c. not be take into account d. either b or c
Last Answer : a. be included to profit
Description : Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 June 2017 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 ... . rupees 1.95 lakh f. rupees 2.5 lakh g. rupees 2.25 lakh h. Rs 1.45 lakh
Last Answer : e. rupees 1.95 lakh
Description : Opening WDV off the block of assets was Rs 15 lakh. During the year, asset was acquired under this block on 15 January 2018 amounting to rupees 10 lakh. One of the assets falling within the block was sold for rupees 5.5 ... rupees 1.95 lakh b. rupees 2.5 lakh c. rupees 2.25 lakh d. Rs 1.45 lakh
Last Answer : d. Rs 1.45 lakh
Description : Export incentives taxable under this head includes a) Cash Compensatory Support b) Duty Drawback c) Profit on transfer of DPEB d) All of the above
Description : HSK, an LLP has taken keyman insurance policy on the life of its managing partner. The policy got matured on 13th September 2017 and an amount of rupees 75 lakhs was paid by the insurers to the Managing partner ... c. rupees 75 lakh is taxable d. rupee 25 lakh is exempt and Rs 50 lakh is taxable
Last Answer : c. rupees 75 lakh is taxable
Description : While computing the actual cost of any asset falling within a block, portion of cost of asset which has been met directly by the central government or a state government or any authority under any law ... price b) Subtracted from purchase price c) Added to WDV d) Claimed as Revenue Expenditure
Last Answer : b) Subtracted from purchase price
Description : Opening WDV of the block of assets was Rs.15 lakh. During the year, asset was acquired under this block on 15th June2017 amounting to Rs. 10 Lakh. Rate of depreciation of the block is 15%. Calculate the amount of depreciation ... 3.5 Lakh b) Rs. 3.75 lakh c) Rs. 3.00 lakh d) Rs.2.25 Lakh
Last Answer : b) Rs. 3.75 lakh
Description : Revenue from services with duration of not more than……….. days to be recognized when rendering of services under contract is completed or substantially complted. a) 60 days b) 90 days c) 120 days d) 180 days
Last Answer : b) 90 days
Description : In which of the following case no depreciation is allowable: a) Block Exist but WDV ceases to exist b) WDV exist but the block ceases to exist c) WDV and Block both ceases to exist d) All of the above
Last Answer : c) WDV and Block both ceases to exist
Description : If the block of asset ceases to exist on the last day of the previous year, depreciation admissible for block of assets will be: a) Nil b) 50% of the value of the block of assets on the first day ... of the previous year d) 50% of the value of the block of assets on last day of the previous year
Last Answer : a) Nil
Description : Adhu Ltd. owns machinery (rate of depreciation is 15%), the written down value of which as on 1st April 2017 is Rs.30 Lakh. Due to fire, entire assets in the block were destroyed and the insurer paid Rs.25 lakh ... depreciation in respect of block : a) Rs.450000 b) Rs. 75000 c) Rs. 400000 d) Nil
Last Answer : d) Nil
Description : If the Computer is purchased on 11th May 2017 then at what rate depreciation will be provided on it? a) 40% b) 60% c) 30% d) 20%
Last Answer : a) 40%
Description : If the asset is revalued then depreciation u/s 98 shall be allowed on a) Original amount b) Revalued Amount c) At fair value of similar asset d) Market Value-Notional Depreciation
Last Answer : a) Original amount
Description : Sale of products from test run before production run is a) Deducted from actual cost b) Added to actual cost of assets c) Charged as pre-profits d) Charged as preliminary expenses
Last Answer : a) Deducted from actual cost
Description : Actual Cost in case of sale and Lease back is: a) WDV in the hands of lessor before sale b) WDV at the time of transfer c) Higher of A & B d) Lower of A & B
Last Answer : b) WDV at the time of transfer
Description : Depreciation when the asset is used for less than 180 days during the year of acquisition shall be at Block rate of: a) 50% b) 100% c) 20% d) 15%
Last Answer : a) 50%
Description : While Computing the actual cost of any asset falling within a block, direct cost attributable to bring the asset to its present location and working condition for its intended use(i.e. expenses incurred ... from the purchase price c) Be subtracted from WDV d) Be claimed as revenue expenditure
Last Answer : b) Be subtracted from the purchase price
Description : Assessee is having stock existing in the business. Valuation of the stock will be at : a) Cost b) Market Price c) Cost or MRP whichever is less d) Cost or MRP whichever is high
Last Answer : c) Cost or MRP whichever is less
Description : What is the rate of depreciation charged on Computer Software: a) 10% b) 60% c) 40% d) 15%
Last Answer : b) 60%
Description : If the asset acquired outside India by a non-resident is brought by him to India & used for business, then in that case what shall be the cost of addition? a) Value of the asset at the ... of asset less actual depreciation c) Actual cost of asset less notional depreciation d) Any of the above
Last Answer : c) Actual cost of asset less notional depreciation
Description : Actual cost to assessee in case of sale and repurchase is: a) WDV at the time of first sale b) Actual price for which the asset is reacquired c) Lower of A& B d) Higher of A & B
Last Answer : c) Lower of A& B
Description : Transaction in which a contract for the purchase or sale of any commodity including stocks and shares is periodically of ultimately settled otherwise than by the actual delivery or transfer of the ... known as: a) Wagering Transaction b) Speculative Transaction c) Deemed Speculative Transaction
Last Answer : b) Speculative Transaction
Description : R, an assessee carries on business in respect of which it holds tenancy rights. It carries out improvements to the said building at a cost of Rs. 2 lakhs and claims depreciation @ 10% thereon. Which one of ... Deduction will be allowed of Rs. 2 Lakh d) The amount of Rs.2.2 lakh will be capitalized
Last Answer : b) Depreciation will be allowed of Rs.20 thousand
Description : Where the asset is received as gift then cost of the asset will be a) Actual cost to previous owner b) Nominal Value c) WDV on date of receipt of gift d) None of the above
Last Answer : c) WDV on date of receipt of gift
Description : Fair value of Tangible fixed assets acquired in exchange of share shall be at its…………….. a) Actual cost b) Market Price c) Actual cost less expenses of exchange d) Market price less expenses of exchange
Last Answer : a) Actual cost
Description : A person who provides assistance in astrology is said to be in…….. a) Business b) Profession c) Partly in business d) Vocation
Last Answer : b) Profession
Description : Revenue can be recognized on straight line basis over specific period, when services are provided by an indeterminate number of acts a) Over such period b) Straight line c) Lump sum in year of receipt d) All of the above
Last Answer : a) Over such period
Description : Tax on profit is charged on: a) Gross Receipts b) Gross Receipts less disallowed expenses c) Gross Receipts less allowed expenses d) All of the above
Last Answer : c) Gross Receipts less allowed expenses