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Questions and Answers
What type of expenditure is deductible under section 37?
What type of expenditure is deductible under section 37?
- Revenue expenditure (correct)
- Capital expenditure
- Personal expenditure
- Expenditure incurred before the business was set up
Which of the following payments is considered deductible?
Which of the following payments is considered deductible?
- Demurrage paid to port authorities (correct)
- Penalty for not completing a contract on time
- Payment for notional rent
- Payment related to speculation profits
What is the tax treatment for expenses on providing freebies to medical practitioners?
What is the tax treatment for expenses on providing freebies to medical practitioners?
- Partially deductible
- Not deductible (correct)
- Considered as personal expenditure
- Deductible
Under which condition can a tenant get depreciation on capital expenditure for a leased building?
Under which condition can a tenant get depreciation on capital expenditure for a leased building?
What is the maximum limit for Indian companies to claim a deduction on eligible expenditure under the specified criteria?
What is the maximum limit for Indian companies to claim a deduction on eligible expenditure under the specified criteria?
Which of the following is NOT considered as part of the eligible expenditure for setting up a new business by new companies?
Which of the following is NOT considered as part of the eligible expenditure for setting up a new business by new companies?
Under what condition is Compulsory Audit required for the financial year in which expenditure is incurred?
Under what condition is Compulsory Audit required for the financial year in which expenditure is incurred?
What type of expenses are deductible if capitalized in the books of accounts for claiming a deduction under section 35AD?
What type of expenses are deductible if capitalized in the books of accounts for claiming a deduction under section 35AD?
What will happen to any expenditure for acquisition of an asset if aggregate payments made to a person in a day exceed Rs. 10,000?
What will happen to any expenditure for acquisition of an asset if aggregate payments made to a person in a day exceed Rs. 10,000?
Which priority is followed for set-off in subsequent assessment years according to the text?
Which priority is followed for set-off in subsequent assessment years according to the text?
In the case of second-hand assets, what criteria might the Assessing Officer use to determine the actual cost of the asset?
In the case of second-hand assets, what criteria might the Assessing Officer use to determine the actual cost of the asset?
What happens to the actual cost of a building used for non-business purposes earlier according to the text?
What happens to the actual cost of a building used for non-business purposes earlier according to the text?
