GK
TAXES IN INDIA
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Nil deduction
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Depreciation
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Deduction in the previous year in which animal dies or become permanently useless
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None of these
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Detailed explanation-1: -Expenditure incurred on the purchase of animals otherwise than as stock in trade which are used for the purpose of business or profession is a capital expenditure.
Detailed explanation-2: -So, section 14A is a disallowance provision. This section provides that while computing the total income of an assessee, no deduction will be permitted in respect of any expense incurred in relation to any income which is exempt from income tax.
Detailed explanation-3: -Expenses incurred by a company for purpose of promoting family planning among employees is allowed as a deduction in the following manner: 1/5th of the amount which is of capital nature is allowed in the year of deduction and the remaining over the succeeding 4 years.
Detailed explanation-4: -The deductions admissible under the Act are as follows: Section 30 – Rent, rates, insurance, repairs, etc. for building: These expenses are allowed as deductions only to the extent that they are used for business or professional purposes.