When the gross receipts from profession exceed Rs. ________ lakhs, it is liable for audit under section 44AB and the provisions of section 44ADA will not apply.

Related MCQs

• Padmaja Power Co. (P) Ltd. is engaged in generation and distribution of electrical power. It avails deduction under section 80-IA. The gross receipts of the company is Rs. 89 lakhs. The last date for filing the return of income in order to be eligible to avail deduction under section 80-IA is ________________ . (Note: Assume there is no extension of time for filling the return of income)
• In case of an individual or HUF, to determine whether certain TDS provisions are attracted, what has to be seen is whether the person is subject to tax audit under section 44AB in
• When tax is not deducted at source on annual rent of Rs.2 lakhs paid to landlord by a company, the amount liable for disallowance under section 40(a) (ia) is
• In the case of a domestic company (turnover/gross receipts Rs. 70 crores), the basic rate of income-tax applicable for computing as per normal provisions would be ________, when the turnover of the company has been Rs. 45 crores in the previous year relevant to the assessment year 2017-18. (Note: Ignore surcharge, education cess, etc.)
• Cash donation given to a charitable trust (approved under section 80G) is eligible for deduction under that section, when the amount of donation does not exceed
• When copyright is acquired for Rs. 50 lakhs on 10-11-2016 and used from 01-12-2016, the amount of depreciation under Section 32 would be ____
• As per section 271H, where a person fails to file the statement of tax deducted/collected at source i.e. TDS/TCS return on or before the due dates prescribed in this regard, then he shall be liable to pay penalty under section 271H. Maximum penalty that can be levied is ______.
• When a resident senior citizen having gross total income of Rs. 5,56,000, has derived interest from savings account in a nationalized bank of Rs. 8,200 and fixed deposit interest of Rs. 47,000 from such bank, he is eligible for deduction of Rs. ________ from the gross total income.
• Manoj,a resident, employed in ABC Ltd., an Indian company, has gross annual salary income of Rs. 20,60,000. The standard deduction available under section 16(1) would be _________ .
• A senior citizen having total income consisting of pension and let out property income aggregating to Rs. 6 lakhs must have paid advance tax during the financial year 2015-16 of