Business Income

Question 0

Section 10(2A)

Answer 0

Share of profit received by a partner is exempt from tax

Question 1

Section 40(b)

Answer 1

Remuneration and Interest to Partners

Question 2

Section 44AD

Answer 2

Presumptive income schemes for residents

Question 3

Section 44AE

Answer 3

Business of plying, Leasing , or Hiring Goods Carriage

Question 4

Section 43B

Answer 4

Deduction of certain expenditure only on PAYMENT basis

Question 5

Section 35D

Answer 5

Amortisation of Certain Preliminary Expenses

Question 6

Section 40(a)(ia)

Answer 6

Payment to residents without deduction of tax at source

Question 7

Section 35AD

Answer 7

“Investment-linked tax incentives” for specified business

Question 8

Section 40A(3)

Answer 8

Payment exceeding ₹20,000 by way of cash

Question 9

Section 44AA

Answer 9

Compulsory maintenance of Book of Accounts

Question 10

Section 44AB

Answer 10

Compulsory Tax Audit

Question 11

Section 10(2A)

Answer 11

Share of profits received by a partner is exempt

Question 12

Section 35ABB

Answer 12

Expenditure for obtaining licence to operate telecommunication services

Question 13

Section 35CCC

Answer 13

Expenditure on agriculture extension project

Question 14

Section 35CCD

Answer 14

Expenditure on skill development project

Question 15

Section 36(1)(iii)

Answer 15

Interest on borrowed Capital

Question 16

Section 35DD

Answer 16

Amortisation of expenditure in case of amalgamation/demerger

Question 17

Section 35DDA

Answer 17

Deduction in respect of expenditure incurred under VRS

Question 18

Section 36(1)(iva)

Answer 18

Employers contributions to notified pension Scheme (NPS) referred to in section 80CCD

Question 19

Section 36(1)(va)

Answer 19

Employees contributions towards provident fund

Question 20

Section 40(a)(v)

Answer 20

Tax on non monetary perks paid by the employer

Question 21

Section 36(1)(xv)

Answer 21

Securities Transaction Tax (STT)

Question 22

Section 44B

Answer 22

Shipping business in case of non Residents

7.5%

Question 23

Section 44BB

Answer 23

Non Residents engaged in the business of exploration etc of mineral oil

10%

Question 24

Section 44BBA

Answer 24

Non Resident operating an aircraft

5%

Question 25

Section 44BBB

Answer 25

Non resident engaged in business of providing civil construction service in connection with certain turnkey power projects

Question 26

Section 36(1)(vii)

Answer 26

Bad debts

Question 27

Section 36(1)(ix)

Answer 27

Family planning expenditure

Question 28

Section 37(1)

Answer 28

General Deduction

Question 29

Section 35

Answer 29

Expenditure on scientific research or Contribution to outsiders

Question 30

Section 2(13)

Answer 30

Definition Business

Question 31

Section 36(1)(ib)

Answer 31

Deduction in respect of premium paid by an employer to insurance on health of his employees

Question 32

Section 32

Answer 32

Depreciation

Question 33

Section 32(1)(iia)

Answer 33

Additional depreciation on eligible plant and machinery
20%
If assesse carries manufacturing or generation of powers

Question 34

Section 32AC

Answer 34

15%

If manufacturing company invest in new plant and machinery 100crores
1.4.13-31.3.15

Invest more than 25crores in new plant and machinery
1.4.14-31.3.17

Question 35

Section 10(10CC)

Answer 35

Tax paid by the employer on non monetary perk.

Is exempt in the hands of employee