INCOME FROM BUSINESS AND GENERAL PRINCIPLES FOR DEDUCTION

 In view of the Section 2(9) of ITO business includes:

Rendering of services is _______

Income of an illegal business is _______.

Income under the head business includes;

Profit on dept derived by a person is ______ if person’s business is to derive such income

Profit on dept derived by a person is _______ if it is not usual business of the person.

Lease income of scheduled bank or investment bank is _______.

Income from profit on debt derived by a banking company is _______

Which section of the ITO 2001 deals with Income from business?

Income from ______ will treated as separate from other business incomes.

Speculation business include:

A deduction shall be allowed for any expenditure incurred by _______ wholly and exclusively for the purpose of business income.

The onus of proof regarding the admissibility of a deduction lies on:

A deduction can be claimed ______

A deduction can only be allowed if _______.

A parent company ______ deduction for its subsidiary company’s business expense.

No deduction can be allowed if expenditure exceeding ______ under a single head of account was not paid through cross cheque or banking channel.

No deduction can be allowed if per month salary of Rs. ______ is paid without involving banking channel.

No deduction is allowed for expenditures of _____ nature.

No deduction is allowed for any cess or tax paid or payable on the profits or gains of the business under section:

______ is allowed for the expense carried on before the commencement of business.

No deduction is allowed against _______ business.

Deduction against illegal business is ____.

Deduction is allowed for ______

Deduction in respect of _____ investment is not allowed.

An expense on which the taxpayer was supposed to deduct tax is not allowed as deduction if ______.

No deduction is allowed for ______ expense in excess of prescribed limits

Any contribution made to unrecognized or un approved _____ is not allowed.[

No deduction is allowed for ______.

No deduction is allowed for ______ for violation of any rule law or regulation.

No deduction is allowed for an amount _______

No deduction is allowed for _____ paid by an AOP to its member.

No deduction is allowed for an expenditure on accounting of _______ is excess of prescribed limits and in violation of prescribed conditions

Deduction is allowed for ______

Section ______ of the ITO permits deductions subject to section 21.

Section _____ deals with depreciation allowance.

Section _____ deals with initial allowance

Section _____ deals with amortization.

Section _____ of the ITO 2001 allows pre-commencement expense.

Section ______ of the ITO 2001 deals with profits on non-performing debts of a banking company or development finance institution.

The deductions claimed under section 21 of the ITO 2001 should: