Question

(A) 5 years
(C) 8 years
1. Under Income Tax Act depreciation is allowed on:
(A) Purchase price
(B) Market price
Written down value
(D) Face value
2. Depreciation is allowed on:
(A) Animals
(B) Tea bushes
(C) Goodwill of a business
D) Patent
3. For how many assessment years unabsorbed depreciation can be carried forward for set-off?
(B) 7 years
Unspecified period
4. The rate of depreciation on intangible assets is :
A) 25%
(B) 15%
(C) 20%
(D) 5%
5. The rate of depreciation on furniture is :
(A) 5%
LB) 10%
B 10%
(C) 15%
(D) 20%
6. The rate of depreciation on the computer is:
(A) 30%
B) 40%
(C) 60%
(D) 70%
7. The rate of additional depreciation on the new plant is :
(A) 5%
(B) 10%
(C) 1​

Answer 1

Answer:

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Answer 2

Answer:

1. A

2. A

3. C

4. A

5. B

6. D

7. C