In own or leasean asset, which of the following point/s is/are important?
A. The assessee should follow such a method for obtaining an asset which reduces his tax liability and profits after tax are greater
B. Own funds should not be used in purchase of an asset because interest on owned fund is not deductible in computing total income, whereas interest on borrowed funds is deductible
C. We can invest the own fund outside the business and the interest earned will offset the interest payment of outside loan
D. All of the above
Answer: Option D
A. 3, 4 and 5
B. 2, 4 and 5
C. 1, 2 and 3
D. 1, 3 and 5
Entertainment allowance for non-government employees are:
A. Fully exempted
B. Fully taxable
C. Partially taxable
D. Fully exempted in specified
E. Partially exempted in selected areas
In tax laws, donation to approved and notified association for scientific research is allowed as:
A. 125% of the donation
B. 100% of the donation
C. 175% of the donation
D. 150% of the donation
A. Both the Statements (I) and (II) are correct
B. Statement (I) is correct, but (II) is incorrect
C. Both Statements (I) and (II) are incorrect
D. Statement (II) is correct, but (I) is incorrect
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