Podcast
Questions and Answers
What is the definition of 'business' according to taxation law?
What is the definition of 'business' according to taxation law?
- Any trade, commerce, or manufacture, or any adventure or concern in the nature of trade, commerce, or manufacture (correct)
- Conducting transactions on a large scale
- Exchanging goods or services for money
- Only buying and selling goods for profit
Which of the following expenses is disallowed for tax purposes?
Which of the following expenses is disallowed for tax purposes?
- Salary paid outside India without tax deducted at source (correct)
- Rent paid for business premises
- Medical expenses for employees
- Utilities and office supplies
What is considered as a disallowed income according to taxation law?
What is considered as a disallowed income according to taxation law?
- Profits from the sale of goods
- Dividends received (correct)
- Interest on deposits
- Salary received from the employer
According to taxation law, what occupation requires purely an intellectual skill or manual skill controlled by the intellectual skill of the operator?
According to taxation law, what occupation requires purely an intellectual skill or manual skill controlled by the intellectual skill of the operator?
What is the difference between business and profession according to taxation law?
What is the difference between business and profession according to taxation law?
Which of the following is a disallowed expense for tax purposes?
Which of the following is a disallowed expense for tax purposes?
What is the definition of 'capital gain'?
What is the definition of 'capital gain'?
What is the difference between short term and long term capital gain?
What is the difference between short term and long term capital gain?
What does 'indexing' refer to in the context of accounting?
What does 'indexing' refer to in the context of accounting?
What does 'security' refer to in financial terms?
What does 'security' refer to in financial terms?
What does 'grossing up' mean in accounting?
What does 'grossing up' mean in accounting?
What is the meaning of 'gross total income' according to section 14?
What is the meaning of 'gross total income' according to section 14?
What does 'cost of acquisition' include?
What does 'cost of acquisition' include?