A. taxable income
B. exempted income
C. capital gain
D. business income
✅ The correct answer is option B.
Deduction for other expenses except interest in the computation of income from house property is allowable to the extent of …………………….
A. 1/5th of annual value
B. 30% of annual value
C. 25% of annual value
D. 20% of annual value
✅ The correct answer is option B.
Preliminary expenses shall be allowed as deduction in……………
A. 5 instalments.
B. 10 instalments.
C. 15 instalments
D. 12 instalments.
✅ The correct answer is option A.
Bad debts allowed earlier and recovered latter on is………………..
A. business income.
B. non business income.
C. exempted income.
D. income from other sources.
✅ The correct answer is option A.
Under valuation of opening stock is………………..
A. deducted from net profit.
B. added to net profit.
C. credited to p & l a/c
D. none of these.
✅ The correct answer is option A.
Under section 44AB the audit of accounts is compulsory if total sales exceed ……………………..
A. rs: 40 lakhs
B. rs: 50 lakhs
C. rs: one crore
D. rs: five crores
✅ The correct answer is option C.
Gifts from clients are……………….
A. professional income.
B. income from other sources.
C. non taxable item.
D. none of these.
✅ The correct answer is option A.
Repairs incurred before installation of an assets is………………
A. capital expenditure.
B. revenue expenditure.
C. non business expenditure.
D. none of these.
✅ The correct answer is option A.
If a depreciable asset is acquired and used for less than 180 days in a financial year, depreciation allowed on it is…………..
A. normal rate.
B. 50% of normal rate.
C. nil.
D. none of these.
✅ The correct answer is option B.
Rate of depreciation on residential building is……………..
A. 5%.
B. 10%
C. 15%
D. 20%.
✅ The correct answer is option A.