Q. where the amount of an expenditure claimed as deduction exceeds Rs.10,000, it should be paid by ______
✅ Correct Answer: (B)
Account payee cheque / draft
Direct Tax MCQs and Notes
Q. Which of the following tax is allowed as deduction while computing the business income________
✅ Correct Answer: (C)
GST
Q. If the asset of a particular block is acquired and put to use during the previous year for less than 180 days, the assessee shall be entitled to depreciation___________
✅ Correct Answer: (B)
At 50% of normal rate
Q. Depreciation is allowed in case of __________
✅ Correct Answer: (C)
Tangible and intangible assets
Q. M.Who was carrying on agency business, received a sum of Rs.5,00,000 from his principal for termination of agency. Compensation so received shall be _________-
✅ Correct Answer: (B)
Fully taxable as business income
Q. Export incentives received by an assessee are __________
✅ Correct Answer: (B)
Taxable as business income
Q. Interest on capital or loan received by a partner from a firm is __________
✅ Correct Answer: (B)
Taxable as business and profession income
Q. Perquisite received by the assesses during the course of carrying on his business or profession is taxable under the head _______
✅ Correct Answer: (C)
Business / Professional Income
Q. Salary, bonus commission or remuneration due to or received by a working partner from the firm is taxable under the head_______
✅ Correct Answer: (C)
Business income
Q. Interest on borrowed capital accrued up to the end of the previous year to prior to the year of competition of construction is allowed__________
✅ Correct Answer: (B)
In 5 equal annual installments from the year of competition of construction.