PGBP
Quiz by Dr.J.Chithralega
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10 questions
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- Q1Profit on sale of Import Entitlement License will be chargeable under the head:I/O/S.None of the above.Capital gains.PGBP30s
- Q2Any income which is earned illegally shall ...........None of thesenot be take into accountbe excluded / deductedBe included to profit30s
- Q3What all sources are taken under “PGBP”VocationBusiness, Profession, VocationBusinessProfession30s
- Q4ICDS are made applicable from:A.Y.2018-19F.Y.2017-18F.Y.2016-17A.Y.2016-1730s
- Q5Determine 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 accountingMercantile system of accountingCash system of accountingBoth of the above may be used30s
- Q6As per ICDS-2, inventories mean-Material or supplies to be consumed in production process or in servicesProcess of production for saleItems held for sale in ordinary course of businessa) 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 services30s
- Q7Depreciation under ICDS-V shall be charged in accordance with :Straight line over the useful lifeIncome Tax Act 1961Companies Act 2013Notified Rate –CBEC30s
- Q8A person who provides assistance in astrology is said to be in……..VocationProfessionPartly in businessBusiness30s
- Q9In computing income under the head “Profits and Gains of Business or Profession”, income from which of the following business is taxable?Illegal businessNone of theseLegal businessBoth legal and illegal business30s
- Q10“Business” under the Income-tax Act, does not includeManufactureAny tradeAdventure or concern in the nature of leisure or sportCommerce30s