Income Tax And Corporate Tax - Practice Test

[#376] When expenses incurred on replacement of an asset are capitalised, it will

(A) decrease tax liability

(B) increase tax liability

(C) have no impact on tax liability

(D) decrease block of asset

Correct Answer

(B) increase tax liability

[#377] Taxes on income and on capital imposed on behalf of a contracting State or of its political subdivisions or local authorities, irrespective of the manner in which they are levied, are covered in the following model convention(s)

(A) only in the OECD model convention

(B) only in the UN model convention

(C) only in the US model convention

(D) Both A and B

Correct Answer

(D) Both A and B

[#378] In case of issuance of PAN and card, the maximum period should be . . . . . . . . from the date of application.

(A) 2 months

(B) 3 months

(C) 4 months

(D) 5 months

Correct Answer

(B) 3 months

[#379] Preliminary expenses incurred are allowed deduction in

(A) 10 equal installments

(B) 8 equal installments

(C) 5 equal installments

(D) fund

Correct Answer

(C) 5 equal installments

[#380] Under the Income Tax Act, 1961 "block of assets" for the purpose of charging depreciation means:

(A) Value of all the assets after depreciation

(B) Value of all tangible assets after charging depreciation

(C) Value of all those assets to which one rate of depreciation is applicable

(D) Gross value of machinery and plant less accumulated depreciation

(E) Value of all the assets after depreciation

(F) Value of all tangible assets after charging depreciation

(G) Value of all those assets to which one rate of depreciation is applicable

(H) Gross value of machinery and plant less accumulated depreciation

Correct Answer

(C) Value of all those assets to which one rate of depreciation is applicable
(G) Value of all those assets to which one rate of depreciation is applicable

Income Tax And Corporate Tax - Study Mode

[#376] When expenses incurred on replacement of an asset are capitalised, it will

Correct Answer

[#377] Taxes on income and on capital imposed on behalf of a contracting State or of its political subdivisions or local authorities, irrespective of the manner in which they are levied, are covered in the following model convention(s)

Correct Answer

[#378] In case of issuance of PAN and card, the maximum period should be . . . . . . . . from the date of application.

Correct Answer

[#379] Preliminary expenses incurred are allowed deduction in

Correct Answer

[#380] Under the Income Tax Act, 1961 "block of assets" for the purpose of charging depreciation means:

Correct Answer