CAP CLASSES

Provisions relating to investment allowance for investment in new plant and machinery located in notified backward area are contained in of the Income tax Act 1961.

Which of the following is speculative transaction?

Which of the following category of Assessee can claim deduction of investment allowance?

Which of the following method of accounting is allowed for computing business income?

Which of the following section of the Income tax Act, 1961 deals with method of computing business income?

Which method of depreciation is normally followed under Income Tax Act for Assessees

Mr. Prem earned income of INR 22 lakhs from manufacture and sale of coffee grown, cured, roasted and grounded by him in India. The business income chargeable to tax in his hands would be –

11Mr. Harini earned income of INR4,00,000 from sale of tea grown and manufactured in Shimla. Income from sapling and seedling grown in nursery at Cochin is INR80,000. The basic operations were not carried out by her on land. Her agricultural income is

Employer’s contribution to provident fund/superannuation fund/gratuity fund is allowed as deduction in computing income under the head “Profits and gains of business or profession”, provided it has been paid

Where the total turnover of an Assessee eligible for presumptive taxation u/s 44AD is received entirely by account payee cheque during the previous year 2018-19, the specified rate of presumptive business income is-

XYZ Ltd. incurred capital expenditure of INR 1,50,000 on 1.4.2018 for acquisition of patents and copyrights. Such expenditure is-