Top 50+ Solved Income Tax Act-1961 (Meaning, Concept and Definitions) MCQ Questions Answer

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Q. The Central Government has notified Income computation and disclosure standards for computing income under the head Profits and Gains of Business and Profession - .

a. 2

b. 5

c. 8

d. 10

  • d. 10
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Q. An assessee incurred expense of tax on non monetary perquisites of employees.Such expenditure shall be considered as:

a. Revenue expenditure

b. Deferred revenue

c. Capital expenditure

d. Expressly disallowed

  • d. Expressly disallowed
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Q. Contribution was made by PFI towards Credit Guarantee Fund Trust. Suchexpenditure shall be considered as:

a. Revenue expenditure

b. Capital expenditure

c. Deferred revenue expenditure

d. Illegal expenditure

  • a. Revenue expenditure
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