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 :
- Income Tax MCQ QUIZ Set-1 (Basic Concept)
- Income Tax MCQ QUIZ Set-2 (Income from Salary)
- Income Tax MCQ QUIZ Set – 3 (Income from Salary)
- Income Tax MCQ QUIZ Set – 4 (Income from salary)
- Income Tax MCQ QUIZ Set – 5 (Income from Salary)
- Income Tax MCQ QUIZ Set – 6 (Income from House Property)
- Income Tax MCQ QUIZ Set – 7 (Income from House Property)
- Income Tax MCQ QUIZ Set – 8 (Income from House Property)
- Income Tax MCQ QUIZ Set – 9 (Profits and Gains from Business or Profession)
- Income Tax MCQ QUIZ Set – 10 (MCQ on Profit and Gain of Business or Profession)
- Income Tax MCQ QUIZ Set – 11 (MCQ on Income from Capital Gain)
- Income Tax MCQ QUIZ Set – 12 (Income from Capital Gains)
- Income Tax MCQ QUIZ Set – 13 (MCQ on Income from Other Sources)
- Income Tax MCQ QUIZ Set – 15 (Agricultural Income)
- Income Tax MCQ QUIZ Set – 16 (Set-off and Carry-forward of Losses)
- Income Tax MCQ QUIZ Set – 17 (Clubbing and Aggregation of Income)
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