Free GLO_CWM_LVL_1 Exam Braindumps (page: 20)

Page 19 of 266

Which of following statement is/are true in relation to PPF account?

  1. Statements I & II are true
  2. Statements II & III are true.
  3. Statements I & IV are true
  4. Statements III & IV are true

Answer(s): C



PTA stands for

  1. Parent Teacher Association
  2. Preferential Trading Area
  3. Preferential Transportation Assembly
  4. Payment Trade Ambit

Answer(s): B



Expenditure incurred in carrying out illegal business is--

  1. Not allowed as deduction in any case.
  2. Allowable as deduction, if gross total income is less than Rs. 5 lakhs.
  3. Allowable as deduction in all cases.
  4. Allowable as deduction, if income from illegal business is offered to tax.

Answer(s): D



The following is not `plant' u/s 43(3) of the Income-Tax Act, 1961

  1. Books
  2. Know-how
  3. Road in the factory building
  4. Electrical fittings

Answer(s): C






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