MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION

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MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION

    Following are the mcqs on Income from Business/Profession. 

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MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION 

Quiz is available after the end of MCQs

1. The term “business” is defined u/s _______

(a) 2(36) 

(b) 2(13) 

(c) 2(14) 

(d) Not defined 


2. Expenditure on scientific research - Under section.....?

(a) 35 

(b) 36 

(c) 32 

(d) 42


3. Capital Losses are ____ under Income Tax Act.

(a) Taxable 

(b) Deductible

(c) Not Deductible 

(d) Exempt


4. while computing the business income, In Which of the following taxes are allowed as deduction________

(a) Wealth Tax 

(b) GST 

(c) Gift Tax 

(d) Income Tax


5. If the asset is acquired during the previous year by the taxpayer and the same is put to business use for less than ________days during that year, then taxpayer can claim depreciation at ._________

(a) 180, 100% of normal depreciation 

(b) 180, 50% of normal depreciation

(c) 240, 50% of normal depreciation 

(d) 240, 100% of normal depreciation

MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION 

Quiz is available after the end of MCQs

6. Computation of depreciation is given u/s

(a) 32 

(b) 42 

(c) 31 

(d) 34 


7. Payment made in cash exceeding amounting to Rs. ......is Fully disallowed

(a) 25,000 

(b) 20,000 

(c) 30,000 

(d) 40,000


8. As per rule p.a. Rate of depreciation of furniture & fitting is.

(a) 10% 

(b) 15% 

(c) 20% 

(d) 45% 


9. Payments to residents on which tax has not been deducted will be disallowed up to the extent of___________

(a) 12% 

(b) 25% 

(c) 30% 

(d) 40% 


10. Speculative business is__________

(a) Not Taxable 

(b) Partly Taxable

(c) Fully Exempted

(d) Fully Taxable

MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION 

Quiz is available after the end of MCQs

11. Which of the following expenses are deductible under section 31?

(a) Current repairs 

(b) Capital repairs

(c) Machinery Purchases 

(d) Furniture Purchases


12. Additional depreciation shall be _____ from WDV.

(a) Including 

(b) Excluding 

(c) Reduced 

(d) Plus 


13. Income from illegal business are__________?

(a) Fully Taxable 

(b) Partly Taxable

(c) Fully Exempted 

(d) Not Taxable 


14. Chartered accountant is a_________

(a) Business 

(b) Shop 

(c) Profession 

(d) Office


15. Singer is a ________

(a) Business 

(b) Vocation 

(c) Profession 

(d) Place 

MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION 

Quiz is available after the end of MCQs

16. Example of Profession_________

(a) Doctor 

(b) Singer 

(c) Trader 

(d) Dancer 


17. Expenses allowed as a deduction u/s________ Under the head of profit and gain of business and profession

(a) 30-37 

(b) 20-27 

(c) 40-47 

(d) 50-57


18. Depreciation of Furniture and Fixture as per u/s 32 of Income Tax Act 1961 is

(a) 10%

(b) 15%

(c) 18%

(d) 12%


19. Depreciation on Building  for Office Purpose as per u/s 32 of Income Tax Act 1961 is

(a) 10%

(b) 15%

(c) 18%

(d) 12%


20. Depreciation on Motor Car (Commercial hiring business) as per u/s 32 of Income Tax Act 1961 is

(a) 10%

(b) 15%

(c) 18%

(d) 40%

MCQ QUIZ | INCOME FROM BUSINESS | PROFESSION 

Quiz is available after the end of MCQs

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 Other Links👇

👉 MCQ Quiz on Concept of Income Tax 

👉MCQ Quiz on Income From Salary

👉MCQ Quiz on Income House Property

👉 UGC NET SET MCQ

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