1. Business loss cannot be set-off against .
(a) House property (b) Business income
(c) Capital gain (d) Salary income
2. Loss under the head house property cannot be set-off against .
(a) Salary income (b) Business income
(c) Capital gains (d) Casual income
3. Speculation loss can be set-off against .
(a) Salary income
(b) House property income
(c) Speculation income
(d) Another business income
4. Casual loss can be set-off against .
(a) Casual income
(b) LTCG
(c) Income from other sources
(d) None of these
5. Speculation loss can be carried forward for . Notes
(a) 8 years (b) 10 years
(c) 5 years (d) 4 years
6. Business loss can be carried forward for .
(a) 10 years (b) 9 years
(c) 4 years (d) 8 years
7. Loss under the head capital gain can be carried forward for .
(a) 10 years (b) 8 years
(c) 4 years (d) Unlimited period
8. Carry forward and set-off losses .
(a) Can be done in a given order of set-off
(b) Can be done in any order
(c) Cannot be done at all
(d) Cane be done with specific permission from Govt.
9. Loss under the head house property can be carried forward for .
(a) 4 years (b) 8 years
(c) 9 years (d) 10 years
10. Inter head set-off against income under other heads can be done under I.T. Act
1961 .
(a) Section 51 (b) Section 71
(c) Section 91 (d) Section 99
11. Method of depreciation allowed is .
(a) WDV method
(b) SLM method
(c) Replacement method
(d) Market value method
12. If a depreciable asset is acquired and used for less than 180 days in a financial
year, depreciation allowed on it is .
(a) Normal Rate
(b) 50% of Normal Rate
(c) Nil
(d) None of these
13. Into how many classes depreciable assets are divided for the purpose of
depreciation?
(a) 2 (b) 3
(c) 5 (d) 4
14. Under each class of depreciable assets, assets with same rate of depreciation
are formed into .
(a) Blocks (b) Categories
(c) Aggregates (d) None of these
15. Rate of depreciation on residential building is .
(a) 5% (b) 10%
(c) 15% (d) 20%
16. Rate of depreciation on non-residential building is .
(a) 10% (b) 15%
(c) 20% (d) 25%
17. Rate of depreciation on furniture is .
(a) 5% (b) 15%
(c) 10% (d) 20%
18. Apart from normal depreciation, additional depreciation is permitted for certain
assets at the rate of .
(a) 10% (b) 20%
(c) 40 (d) 50
19. Additional depreciation is allowed at half the rate, if the asset is used in the
initial year for .
(a) 195 days (b) 199 days
(c) 360 days (d) less than 180 days
20. Rate of depreciation on furniture is .
(a) 5 (b) 15
(c) 10 (d) 20
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