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PGBP

Quiz by Dr.J.Chithralega

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10 questions
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  • Q1
    Profit on sale of Import Entitlement License will be chargeable under the head:
    I/O/S.
    None of the above.
    Capital gains.
    PGBP
    30s
  • Q2
    Any income which is earned illegally shall ...........
    None of these
    not be take into account
    be excluded / deducted
    Be included to profit
    30s
  • Q3
    What all sources are taken under “PGBP”
    Vocation
    Business, Profession, Vocation
    Business
    Profession
    30s
  • Q4
    ICDS are made applicable from:
    A.Y.2018-19
    F.Y.2017-18
    F.Y.2016-17
    A.Y.2016-17
    30s
  • Q5
    Determine which of the following method of accounting may be used in the calculation of income under the head- “Profits and gains from business and profession” or “Income from other sources”?
    Casual accounting
    Mercantile system of accounting
    Cash system of accounting
    Both of the above may be used
    30s
  • Q6
    As per ICDS-2, inventories mean-
    Material or supplies to be consumed in production process or in services
    Process of production for sale
    Items held for sale in ordinary course of business
    a) Items held for sale in the ordinary course of business b) Process of production for sale c) Material or supplies to be consumed in the production process or in services
    30s
  • Q7
    Depreciation under ICDS-V shall be charged in accordance with :
    Straight line over the useful life
    Income Tax Act 1961
    Companies Act 2013
    Notified Rate –CBEC
    30s
  • Q8
    A person who provides assistance in astrology is said to be in……..
    Vocation
    Profession
    Partly in business
    Business
    30s
  • Q9
    In computing income under the head “Profits and Gains of Business or Profession”, income from which of the following business is taxable?
    Illegal business
    None of these
    Legal business
    Both legal and illegal business
    30s
  • Q10
    “Business” under the Income-tax Act, does not include
    Manufacture
    Any trade
    Adventure or concern in the nature of leisure or sport
    Commerce
    30s

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