Statutory limit for exemption of compensation received at the time of voluntary retirement (VRS) is………………………..
A. rs. 5,00,000.
B. rs. 8,00,000.
C. rs. 10,00,000.
D. rs. 15,00,000.
✅ The correct answer is option A.
Tax on short-term gain on sale of listed shares is…………….
A. 20%.
B. 25%.
C. 30%.
D. 15%.
✅ The correct answer is option D.
Which one of the following is not an admissible expense
A. income tax
B. excise duty
C. bad debt
D. sales tax
✅ The correct answer is option A.
Exemption u/s 54 is allowed when a residential house is sold and the investment is made in ………………………..
A. another residential house.
B. land.
C. shares.
D. jewellery.
✅ The correct answer is option A.
Long term capital gain on sale of unlisted shares are……………………
A. taxable.
B. exempted.
C. partially exempt
D.
✅ The correct answer is option A.
Rate of depreciation on residential building is……………..
A. 5%.
B. 10%
C. 15%
D. 20%.
✅ 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.
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.
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.
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.