Income Tax MCQ QUIZ Set – 10 (Profits and Gains from Business or Profession)

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MCQ on Profits and Gains from Business or Profession

MCQ on Taxation

1. Business has been defined…..




Answer is A)
u/s 2(13)

 

 

2. Chartered accountant is a…….



Answer is A)
Profession

 

 

3. Singer is a……



Answer is B)
Vocation

 

 

4. Example of Profession……




Answer is C)
Lawyer

 

  5. Expenses allowed as a deduction u/s …… Under the head of profit and gain of business and profession




Answer is C)
Sec 30 to 37

 

 

6. Depreciation comes u/s…….under the head of business profession



Answer is A)
Sec 32

 

 

7. Repairs & maintenance of machinery , plant & furniture



Answer is C)
Sec 31

 

 

8. Rent rates and taxes, repair & insurance for building come under section……



Answer is B)
Sec 30

 

 

9. Speculative business are…..



Answer is B)
Fully taxable

 

 

10. Recovered against bad debts comes under section



Answer is A)
Sec 41(4)

MCQ on income from business and profession
Also Read: 

Income Tax MCQ / Multiple Choice Questions on Taxation with Answers :


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