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

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 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
• Which is the charging section of income under the head profits and gains of business or profession?
• An assessee incurred expense of tax on non monetary perquisites of employees. Such expenditure shall be considered as
• The employer made a contribution of Rs 25,000 to recognized provident fund for the previous year 2018-19. Such payment was made on 12th March, 2019. Such expenditure shall be considered as
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• As per section 30, which expenditure incurred for a building used for the business or profession shall not be allowed as deduction?
• Alternate Minimum Tax shall not be applicable to a non-corporate assessee who has claimed any deduction under:
• XYZ & Co. incurred a liability by giving discount on issue of debentures. Such expenditure shall be considered as
• Which of the following is not taxable under the head income from other sources?