Page 288 - DCOM301_INCOME_TAX_LAWS_I

Unit 9: Income under the Head Business and Profession

5. Discuss the items which are disallowed as deduction while computing firm’s income from Notes
business and profession.
6. How will you compute income from Business or Profession?
7. Discuss depreciation concept in detail.

8. Mention the steps involved in computation of written down value of an asset block with
the help of a suitable example.
9. From the following figures, you are required to ascertain the depreciation admissible in
the Assessment year 2013–14:
Particulars Machinery Building
WDV as on 01-04-12 5, 00,000 20, 00,000
Additions during the year 6, 00,000 Nil
Sale during the year 12, 00,000 4, 00,000
Rate of depreciation 15% 10%

Answers: Self Assessment

1. Section 2 (13) 2. Profit
3. Section 2 (36) 4. Casual or non-recurring

5. True 6. True
7. False 8. True
9. True 10. True
11. False 12. False
13. Sections 30 to 43 D 14. Section 40
15. Deductions 16. Profits
17. Section 30 18. Section 31
19. Building 20. Scientific research
21. Section 40 (a)(i) 22. Chapter XVIIB

23. Full 24. Totally disallowed
25. True 26. True
27. False 28. True

9.11 Further Readings

Books Aggarwal, K. Direct Tax Planning and Management. Atlantic Publications.
Ahuja, G. K. & Gupta, Ravi. Systematic Approach to Income Tax. Bharat Law House.
Lakhotia, R. N. Income Tax Planning Handbook. Vision Books.

Singhania, V. K. & Singhania, Kapil. Direct Taxes Law & Practice. Taxmann
Publications.
Srinivas E. A. Handbook of Corporate Tax Planning. Tata McGraw Hill.

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