NTA UGC NET - Commerce: UNIT 10 - Income Tax And Corporate Tax Planning (PART 03)

 

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UNIT 10

Income Tax And Corporate Tax Planning

PART 03

 

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MCQ 01: Which of the following statements are correct?
 

a. Loss from specified business cannot be set off against income from other business

• Only against business income from other specified business

• But the losses from any other businesses or profession can be set off against profits from the specified businesses.

 

b. Long-term capital loss will only be adjusted towards long-term capital gains.

• However, a short-term capital loss can be set off against both long-term capital gains and short-term capital gain.

 

c. Losses from a Speculative business will only be set off against the profit of the speculative business.

• But other business loss can be set off against profits on speculation business

 

d. Loss from an activity of owning and maintaining race-horses will be set off only against the profit from an activity of owning and maintaining race-horses.
 

a) a and d
b) a only
c) a, b and c
d) all of the above

 

• Loss from House property can be set off against income under any head

• Business loss other than speculative business can be set off against any head of income except income from salary

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MCQ 02:  Which Section of the Income Tax Act provides provisions for tax deduction in respect of investment in specified assets?
 

a. Sec. 80 C
b. Sec. 80 DD
c. Sec. 80 U
d. Sec. 80 D

 

Max. deduction under Sec. 80 C along with sections 80 CCC (contribution to pension fund) and 80 CCD (contribution to pension scheme of Central Government ) Rs. 150000
 

Deductions from Gross Total Income
 

Chapter VI A
 

Sec. 80 C to 80 U
 

Sec. 80 D – Deduction in respect of Medical Insurance Premium
 

Sec. 80 DD – Deduction in respect of maintenance including medical treatment of Dependent disabled
 

Sec. 80 DDB – Deduction in respect of Medical Treatment
 

Sec. 80 E - Deduction in respect of interest on Loan taken for higher education
 

Sec. 80 G - Deduction in respect of Donation to certain funds, charitable institution etc. 

 

Sec. 80 GG - Deduction in respect of Rent paid
 

Sec. 80 GGA - Deduction in respect of donation given for scientific research rural development
 

Sec. 80 GGB - Deduction in respect of contribution given by companies to political parties
 

Sec. 80 GGC - Deduction in respect of contribution given by any person to political parties
 

Sec. 80 QQB - Deduction in respect of Royalty income of author of certain books other than text books
 

Sec. 80 TTA - Deduction in respect of interest on saving bank account and post office saving bank account
 

Sec. 80 RRB - Deduction in respect of Royalty on Patents
 

Sec. 80 U - Deduction in respect Person with Disability

 

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