1. Sameer sold goods worth ₹ 50,000 at credit on 1st April 2019. However, he has written off ₹ 10,000 of it as bad debts and claimed a deduction for the same during the year 2019-20. On 4th April 2020, the defaulting debtor made a payment of ₹ 45,000. The taxable amount of bad debts recovered for the year 2020-21 would be

2. The rate of depreciation chargeable on temporary wooden structure for the AY 2021-22 is

3. Raghav Housing Finance Ltd., an NBFC is eligible to claim a deduction in the case of provision made for bad and doubtful debts to the extent of total income

4. A machine owned by AB & Co. was transferred to XYZ & Co. on 1st January 2021 for ₹ 5 lakh of which actual cost and WDV was of ₹ 3 lakh and 2 lakh respectively. However, the fair market value on the date of transfer of the machine was ₹ 4 lakh. XYZ & Co. will be allowed depreciation on such machine by taking value thereof at ₹…

5. Where the payment of expenditure claimed as a deduction by any assessee carrying on business or profession other than who is in transport business exceeds ₹ 10,000, it should be paid by:

6. Where an asset used for scientific research for more than three years is sold without having been used for other purposes, then the sale proceeds to the extent of the cost of the asset already allowed as deduction under section 35 in the past shall be treated as

7. Depreciation whether to be allowed on the purchase and installation of a fire extinguisher by a practicing CS in his office, even when the same is not put to use or used during the year of acquisition as stipulated under section 32 the Income-tax Act, 1961:

8. Any capital expenditure incurred on acquiring a telecom license is deductible in

9. Under the head ‘profits and gains of business or profession’, the method of accounting that should be followed by an assessee is

10. If a block of assets ceases to exist on the last day of the previous year, depreciation admissible for the block of assets will be

11. Under the Income-tax Act, 1961, which of the following outlays incurred by Sun Ltd. during the previous year ended 31st March 2021 will not be admissible as deduction while computing its business income

12. In the case of companies, capital expenditure incurred for the purpose of promoting family planning amongst the employees would be deductible to the extent

13. Books of account of an individual are liable for tax audit under section 44 AB on a mandatory basis, if the annual turnover exceeds:

14. Saraswathi Ltd. made a provision of ₹ 12 lakh for a bonus payable for the year ended 31st March 2021. It paid ₹ 7 lakh on 31st July 2021; ₹ 3 lakh on 30th September 2021; and ₹ 2 lakh on 15th December 2021.
The amount eligible for deduction u/s 43B would be

15. A person carrying a specified profession will have to maintain books of account prescribed by Rule 6F of the Income-tax Rules, 1962 if gross receipts are more than ₹ 1,50,000 for

16. A charitable trust acquired two air-conditioners for ₹ 1,40,000 on 10th June 2020. It claimed the acquisition as the application of income. The amount it can claim by way of depreciation for the said air-conditioners for the AY 2021-22 is

17. An employee director of a company was paid ₹ 5 lakh as a lump sum consideration for resigning from the directorship by XYZ Ltd. The amount so paid shall be treated in the accounts of the company as

18. X, Manager of XYZ Ltd. since 2006 was terminated by the company on 1 st August 2020 by paying a compensation of ₹ 200 lakh. Such compensation is

19. The assessee opting to pay tax under the provisions of Section 44AD A is not be required to maintain books of accounts as per Section 44AA and gets the accounts audited under Section 44AB of the Income-tax Act, 1961 where

20. Income of a non-resident from airline business under section 44BBA of Income-tax Act, 1961 is calculated at the rate of percentage of the aggregate amounts specified, on a presumptive basis

21. Varun Ltd. paid fees for technical services of ₹ 6 lakh has and omitted to deduct tax at source and such omission continued till the ‘due date’ for filing the return of income specified in Section 139(1). The amount of expenditure available for disallowance would be –

22. When a cash payment of ₹ 15,000 is made on 10th May 2020 towards the purchase of raw material affected in the earlier year, ie., on 5th June 2019, the amount liable for disallowance u/s 40A(3A) would be

23. Rosy Ltd. engaged in the manufacture of bio-medicines in August 2020 converted one piece of equipment that was used for scientific research purposes previously, for regular business use. The original cost of the plant is ₹ 15 lakhs which was acquired in April 2019. The company had claimed deduction at 150% under section 35(2AB) in the assessment year 2020-21. The plant used for scientific research would be included in the block of assets now at a value of:

24. ‘Notional Profit’ from speculative business is

25. Dr. Ravi practicing medicine has gross receipt of ₹ 18,40,000 for the financial year 2020-21. His presumptive income under Section 44ADA would be: