Profits and Gains from Business or Profession Multiple Choice Questions and Answers
1. Business has been defined
A. u/s 2(13)
B. u/s 13(2)
C. u/s 10(2)
D. None of the above
2. Chartered accountant is a …..
A. Profession
B. Vocation
C. Business
D. None of the above
3. Singer is a ….
A. Profession
B. Vocation
C. Business
D. None of the above
4. Example of Profession
A. Dancer
B. Singer
C. Lawyer
D. None of the above
5. Expenses allowed as a deduction u/s …. Under the head of profit and gain of business and profession
A. Sec 20 to 25
B. Sec 15 to 27
C. Sec 30 to 37
D. None of the above
6. Depreciation comes u/s…. under the head of business profession
A. Sec 32
B. Sec 42
C. Sec 22
D. None of the above
7. Repairs & maintenance of machinery , plant & furniture
A. Sec 34
B. Sec 33
C. Sec 31
D. None of the above
8. Rent rates and taxes, repair & insurance for building come under section
A. Sec 40
B. Sec 30
C. Sec 20
D. None of the above
9. Speculative business are
A. Partly taxable
B. Fully taxable
C. Exempted
D. None of the above
10. Recovered against bad debts comes under section
A. Sec 41(4)
B. Sec 31(4)
C. Sec 21(4)
D. None of the above