PGBP 1

1.

1 point

Which of following expenditure is not allowed as deduction u/s 37?

salary to employees

expenses incurred by companies to fulfill CSR

gift made to dealers who has achieved sales target

rent of furniture

2.

1 point

Rate of presumptive income u/s 44AD is.....

5%

8%

10%

15%

3.

1 point

Rate of deduction u/s 32AC is...

5%

10%

15%

20%

4.

1 point

Deduction u/s 32AC is allowed on...

Plant & Machine

Buliding

Furniture

Goodwill

5.

1 point

For AY 2015-16 deduction u/s 32AC is allowed if investment in new asset during the PY 2014-15 exceeds...

Rs.10cr

Rs.25cr

Rs.50cr

Rs.100cr

6.

1 point

Who can take deduction u/s 32AC?

Individual

Firm/LLP

Company

All of above

7.

1 point

Duration of lock in period u/s 32AC?

2yrs

5yrs

8yrs

10yrs

8.

1 point

Weighted deduction for donations made for scientific research:
..........of sum paid to any national laboratory or university or IIT with specified directions to be utilized for an approved programme.

125%

150%

175%

200%

9.

1 point

Expenditure on payment to employee on his voluntary retirement, in accordance with voluntary retirement scheme shall be allowed deduction u/s 35DDA in.......installments for .......... years starting from the year of payment.

2

3

5

10

10.

1 point

XYZ limited has sold a building on 1.8.2014 for Rs.75,00,000. This building was purchased by company for Rs.50,00,000 on 1.1.2012 & 100% deduction was allowed u/s 35AD. Calculate the amount taxable under the head pgbp for AY 2015-16.

Rs.25,00,000

Rs.75,00,000

Rs.50,00,000

Nil

11.

1 point

If income from business or profession exceeds Rs.1,20,000 OR total sales / turnover / gross receipts in business or profession exceed Rs.10,00,000 in any one of the three years preceding the previous year, then which books are required to be maintained by assessee?

Prescribed Books

Such Books

cash book

No Books are required to be maintained

12.

1 point

Person carrying on business covered u/s 44AD is required to maintain books of accounts u/s 44AA & required to get his accounts audited u/s 44AB.....

If income is declared below 8% of turnover AND total income exceeds maximum exemption limit

If income is declared below 8%

total income exceeds maximum exemption limit

If income is declared 8% of turnover AND total income exceeds maximum exemption limit

13.

1 point

All prescribed / such books are required to be kept and maintained for .......years from end of relevant assessment year

5

6

8

10

14.

1 point

Every person carrying on profession shall get his account of previous year audited u/s 44AB, if his gross receipts in profession exceed Rs............. in such previous year

10,00,000

15,00,000

25,00,000

1,00,00,000

15.

1 point

XYZ ltd have paid Rs.10,00,000 to Rohan (Resident of India) & Rs.5,00,000 to Mohan (Non Resident of India). Tax was required to be deducted on both the payments, however, no tax was deducted & payments were made in full. How much of total payment is disallowed under the head PGBP u/s 40(a)?

Rs.5L

Rs.4.5L

Rs.15L

Rs.8L

16.

1 point

X Ltd. engaged in manufacturing of PVC granules. Company purchased new plant and machinery for Rs.50cr on 18-10-2014 & put to use on 1.1.2015. Calculate depreciation (15%) & additional depreciation.

Normal Depreciation Rs.7.5cr & Additional Depreciation Rs.10cr

Normal Depreciation Rs.3.75cr & Additional Depreciation Rs.10cr

Normal Depreciation Rs.3.75cr & Additional Depreciation Rs.5cr

Normal Depreciation Rs.7.5cr & Additional Depreciation Rs.5cr

17.

1 point

X Ltd. engaged in manufacturing of PVC granules. Company purchased new plant and machinery for Rs.50cr on 18-10-2014 & put to use on 1.1.2015. Calculate deduction u/s 35AC.

Rs.3.75cr

Rs.15cr

Rs.7.5cr

Rs.50cr

18.

1 point

The maximum deduction to be allowed under tea development account, coffee development account of rubber development account shall be

actual amount deposited or 20% of pgbp, whichever is lower

actual amount deposited or 40% of pgbp, whichever is lower

actual amount deposited or 50% of pgbp, whichever is lower

actual amount deposited or 100% of pgbp, whichever is lower

19.

1 point

Certain revenue and capital expenditure on scientific research incurred are allowed as deduction in the previous year of commencement of business even if these are incurred

1 year immediately before the commencement of business

2 year immediately before the commencement of business

3 year immediately before the commencement of business

4 year immediately before the commencement of business

20.

1 point

Champak Lal had acquired a licence to operate telecommunication service on 1.4.2012 for Rs.10 crores and its life was 10 yeas. During the previous year 2014-15 it has sold the license for Rs.6.25crores. It shall be allowed a deduction under section 35ABB during The previous year 2014-15 to The extent of

Rs.1.75cr

Rs.1cr

3.75cr

NIL