Assessee is having stock existing in the business. Valuation of stock will be at:

Related MCQs

• An assessee was engaged in the business of cattle rearing. He incurred a loss in respect of animals which were used for the purposes of his business (otherwise than as stock-in trade) and which have died. Such expenditure shall be considered as
• An assessee was engaged in the business of dealing in commodities. He had paid Commodities transaction tax of Rs.15,000 in respect of the taxable commodities transactions. Income arising of Rs 3,00,000 from such taxable commodities transactions was included in the income computed under the head "Profits and gains of business or profession”. Such expenditure of payment of Commodities transaction tax shall be considered as
• An assessee paid insurance premium against risk of damage or destruction of stocks or stores used for the purposes of his business or profession. Such expenditure shall be considered as
• Alternate Minimum Tax shall not be applicable to a non-corporate assessee who has claimed any deduction under:
• An assessee incurred expense of tax on non monetary perquisites of employees. Such expenditure shall be considered as
• Under the Income-tax Act, 1961, which of the following outlays incurred by Sun Ltd. during the previous year ended 31st March, 2019 will not be admissible as deduction while computing its business income
• Under the Income-tax Act, 1961, 'notional profit' from speculative business is –
• Profits earned from an illegal business are...............
• Which is the charging section of income under the head profits and gains of business or profession?
• Which of the following taxes are allowed as deduction while computing the business income?