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Questions and Answers
What does 'Business' include, according to Sec. 2(13)?
What does 'Business' include, according to Sec. 2(13)?
- Purchase and sale of a commodity with a view to make profit (correct)
- Any trade, commerce or manufacture
- Any adventure or concern in the nature of trade, commerce and manufacture
- All of the above
- Purchase and sale of a commodity without a view to make profit
What should be considered to judge a transaction as a business transaction?
What should be considered to judge a transaction as a business transaction?
- Nature of commodity and competition
- Nature of commodity and profit margin
- Nature of commodity and market demand
- Nature of transaction and volume of sales
- Nature of commodity and nature of transaction (correct)
What is the meaning of 'adventure' in the context of business?
What is the meaning of 'adventure' in the context of business?
- Doing activity for the first time without knowing the outcome (correct)
- Exploring new markets
- Investing in stocks and bonds
- Engaging in risky ventures
- Starting a new company
What is expressly disallowed as an expense in the computation of Profits of Business or profession?
What is expressly disallowed as an expense in the computation of Profits of Business or profession?
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According to Sec. 2(13), what does 'Business' not include?
According to Sec. 2(13), what does 'Business' not include?
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