.Deductions Allowed Under Business and Profession

  

Module 2

1.What is meant by deductions for business and professions?

2. Define depreciation.

3. What do you mean by set-off losses?

4. Give the meaning of carry forward losses.

5. What is meant by Interest on borrowed capital?

6. Define insurance premium.

7. What do you mean by banking transaction tax?

8. Give the meaning of security transaction tax.

9. What is a commodity transaction tax?

10. Explain briefly the deductions for business and profession.

11. What are the income tax deductions for business? Explain 

12.How to calculate the depreciation? Explain. Notes

13. Briefly explain the set-depreciation deduction calculation off and carry forward of unabsorbed depreciation.

14. Examine in detail the income tax provisions regarding set-off of losses and carryforward of losses while computing the total income.

15. Write a short note on bonus or commission to employees section.

16. Describe the revenue expenditure incurred by the statutory corporation.

17. Briefly explain the provisions for admissibility general deductions 37(1).

18. Write brief note on banking transaction tax, security transaction tax and commodity transaction tax.