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CS Executive Practice Test: Aggregation of Income and Set-off or Carry Forward of Losses
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CS Executive Practice Test: Aggregation of Income and Set-off or Carry Forward of Losses
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23 Questions

1. Short term capital loss can be setoff as per provisions of section 72 of the Income-tax Act, 1961 from:
2. The amount of depreciation not absorbed in the same year can be carried forward
3. Which of the following losses available after inter source set-off, cannot be set-off from incomes in other heads in the same assessment year
4. Anand, a resident individual having computed for the previous year 1st April 2020 to 31st March 2021 his business loss at ₹ 60,000, short term capital gain on sale of gold of ₹ 40,000 long term capital gain on sale of house property of ₹ 3,60,000.
The amount of total income to be declared in the return for the assessment year 2021-22 by Anand shall be
5. Loss from speculation business is eligible for carrying forward for a period of
6. Short term capital loss can be setoff as per provisions of section 72 of the Income-tax Act, 1961 from:
7. A partnership firm with 4 equal partners brought forward depreciation of ₹ 3 lakhs and business loss of ₹ 3 lakhs relating to AY 2019-2020. On 1st April 2020, two partners retired.
The amount that assessee-firm can set off against its income for the AY 2021-22 would be
8. A company has the following:
(i) Current scientific research ex-penditure;
(ii) Current depreciation;
(iii) Unabsorbed depreciation;
(iv) Brought forward business loss.
The order sequence of set off is:
9. If a person is eligible to claim:
(1) Unabsorbed depreciation
(2) Current scientific research expenditure
(3) Current depreciation
(4) Brought forward business loss
The order of priority to set-off would be
10. Loss from speculation business is eligible for carrying forward for a period of
11. A company has the following:
(i) Current scientific research ex-penditure;
(ii) Current depreciation;
(iii) Unabsorbed depreciation;
(iv) Brought forward business loss.
The order sequence of set off is:
12. The loss from the activity of owning and maintaining race horses is eligible for carrying forward and set off for a maximum period of:
13. Unabsorbed loss from house property can be carried forward for
14. Loss from the activity of owning and maintaining race horses could be set-off
15. Loss from speculation business can be set off against
16. Unabsorbed loss from house property can be carried forward for
17. Speculation loss can be carried forward for subsequent assessment years.
18. Loss from speculation business can be set off against
19. A Co. Ltd. has business loss and unabsorbed depreciation of ₹ 10 Crore. B Co. Ltd is a profit-making company. B Co. Ltd. wanted to acquire A Co.
Ltd. with the benefit of set-off of brought forward loss and unabsorbed depreciation.
The legally permissible method is:
20. No loss can be set off against
21. Speculation loss can be carried forward for subsequent assessment years.
22. No loss can be set off against
23. When an assessee has lost from house property, it is eligible for carrying forward for the subsequent assessment years.

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