Question:
Which of the following is not allowed as a deduction for computing profits and gains from business or profession under Section 37 of the Income Tax Act, 1961?
Which of the following is not allowed as a deduction for computing profits and gains from business or profession under Section 37 of the Income Tax Act, 1961?
Updated On: Dec 14, 2024
- Personal expenses
- Capital expenditure
- Expenses on Corporate Social Responsibility
- All of the above
Show Solution
Verified By Collegedunia
The Correct Option is D
Solution and Explanation
Section 37 of the Income Tax Act, 1961 disallows personal expenses, capital expenditure, and expenses on Corporate Social Responsibility (CSR) from being deducted while computing profits and gains from business or profession. These expenses are not considered as part of business operations for tax deductions.
Was this answer helpful?
0
0
Top AILET LLM Legal Studies Questions
- The questions are to be answered on the basis of what is stated or implied in the passage.Choose the most appropriate response that accurately and completely answer the question.
The General Agreement on Trade in Services (the “GATS”),negotiated and concluded as a result of the Uruguay Round of multilateral trade negotiations,when it came into effect in 1995 was the first multilateral agreement covering this important and growing area of trade in services.Article I: 2 of the GATS defines the concept of “trade in services” as “the supply of a service” within one of four defined “modes of supply”:(a) from the territory of one Member into the territory of any other Member (Mode 1-Cross-border Supply);(b) in the territory of one Member to the service consumer of any other Member (Mode 2-Consumption Abroad);(c) by a service supplier of one Member,through commercial presence in the territory of any other Member (Mode 3-Commercial Presence);(d) by a service supplier of one Member,through presence of natural persons of a Member in the territory of any other Member (Mode 4-Movement of Natural Persons). - The questions are to be answered on the basis of what is stated or implied in the passage.Choose the most appropriate response that accurately and completely answer the question.
A contract of guarantee is a contract to perform the promise, of discharge the liability,of a third person in case of his default. Anything done,or any promise made,for the benefit of the principal debtor may be a sufficient consideration to the surety for giving the guarantee.In every contract of guarantee there is an implied promise by the principal debtor to indemnify the surety, and the surety is entitled to recover from the principal debtor whatever sum he has rightfully paid under the guarantee,but no sums, which he has paid wrongfully. Any guarantee,which has been obtained by means of misrepresentation made by the creditor, or with his knowledge and assent, concerning a material part of the transaction,is invalid.Any guarantee,which the creditor has obtained by means of keeping silence as to material circumstance, is also invalid. - The questions are to be answered on the basis of what is stated or implied in the passage.Choose the most appropriate response that accurately and completely answer the question.
The term mergers and acquisitions (M&A) refers to the consolidation of companies or their major business assets through financial transactions between companies.A company may purchase and absorb another company outright,merge with it to create a new company,acquire some or all of its major assets, make a tender offer for its stock,or stage a hostile takeover.Mergers can be structured in a number of different ways, based on the relationship between the two companies involved in the deal. For instance conglomerate mergers involve firms of unrelated business activities. Congeneric merger involve two businesses that serve the same consumer base in different ways.Horizontal merger is a business consolidation that occurs between firms who operate in the same space, often as competitors offering the same good or service.A market extension merger takes place between two companies that deal in the same products but in separate markets.A product extension merger takes place between two business organizations that deal in products that are related to each other and operate in the same market.A vertical merger occurs when two or more firms, operating at different levels within an industry’s supply chain, merge operations. - The questions are to be answered on the basis of what is stated or implied in the passage. Choose the most appropriate response that accurately and completely answer the question.
Along with the evolution of the family unit, society has willingly accepted the premise that parents have absolute power over their un-emancipated children. In ancient times, parental authority was unconditional and parents were granted the power of life and death over their minor children. As late as the eighteenth century, Americans recognized a parent’s right to unquestioned authority and by the late nineteenth century, the American courts developed the doctrine of parent-child tort immunity. The doctrine was designed to exempt parents from personal liability for tortious acts they committed against their minor child. A parent is immune from a tort suit brought by his child if the suit is for negligence and the minor child is not self-supporting. Also it is to be noted that parents are not immune from suits for intentional torts. - The questions are to be answered on the basis of what is stated or implied in the passage. Choose the most appropriate response that accurately and completely answer the question.
The literal meaning of the term immovable is incapable of being moved, motionless, steadfast, or firmly fixed. s.3 of the Transfer of Property Act, 1882, makes it clear that immovable property does not include standing timber, growing crops or grass. s. 3 (26) of the General Clauses Act, 1897 explains that immovable property shall include land, benefits to arise out of land, and things attached to the earth, as permanently fastened to anything attached to the earth. Under s. 2(6) of the Registration Act, 1908, Immovable property includes land, buildings, hereditary allowances, right to ways, lights, ferries, fisheries or any other benefit to arise out of land, and things attached to the earth, or permanently fastened to anything which is attached to the earth, but not standing timber, growing crops, or grass. Standing timber must be a timber tree that is in a state fit for construction or building purposes or ready to be used as timber, and further, a tree that is meant to be converted into timber so shortly that it can already be looked upon as timber for all practical purposes even though it is still rooted in earth. In order to be regarded as movable property, it is intended to be cut reasonably early. The expression ‘things attached to earth’ has again been explained in s.3 of the Transfer of Property Act, 1882 as things which are rooted in earth, such as trees and shrubs, things that are embedded in earth such as walls and buildings and things that are permanently attached to what is embedded in the earth for the permanent beneficial enjoyment of to which it is attached.
View More Questions
Top AILET LLM Company Law Questions
- The questions are to be answered on the basis of what is stated or implied in the passage.Choose the most appropriate response that accurately and completely answer the question.
The term mergers and acquisitions (M&A) refers to the consolidation of companies or their major business assets through financial transactions between companies.A company may purchase and absorb another company outright,merge with it to create a new company,acquire some or all of its major assets, make a tender offer for its stock,or stage a hostile takeover.Mergers can be structured in a number of different ways, based on the relationship between the two companies involved in the deal. For instance conglomerate mergers involve firms of unrelated business activities. Congeneric merger involve two businesses that serve the same consumer base in different ways.Horizontal merger is a business consolidation that occurs between firms who operate in the same space, often as competitors offering the same good or service.A market extension merger takes place between two companies that deal in the same products but in separate markets.A product extension merger takes place between two business organizations that deal in products that are related to each other and operate in the same market.A vertical merger occurs when two or more firms, operating at different levels within an industry’s supply chain, merge operations. - According to Limited Liability Partnerships Act, 2008, a LLP is -
- Which of the following is a valid partnership for the purpose Indian Partnership Act, 1932?
- Where a partner is entitled to interest on the capital contributed by him, such interest is payable
- According to the Indian Partnership Act, 1932, where the partnership at will, the firm may be dissolved by any partner
View More Questions
Top AILET LLM Questions
- The questions are to be answered on the basis of what is stated or implied in the passage. Choose the most appropriate response that accurately and completely answer the question.
Within the turbulent past few years, the idea that a person can be “cancelled” — in other words, culturally blocked from having a prominent public platform or career — has become a polarizing topic of debate. The rise of “cancel culture” and the idea of cancelling someone coincides with a familiar pattern: A celebrity or other public figure does or says something offensive; a public backlash, often fuelled by politically progressive social media, ensues. Then come the calls to cancel the person — that is, to effectively end their career or revoke their cultural cachet, whether through boycotts of their work or disciplinary action from an employer.
To many people, this process of publicly calling for accountability, and boycotting if nothing else seems to work, has become an important tool of social justice — a way of combating, through collective action, some of the huge power imbalances that often exist between public figures with far-reaching platforms and audiences, and the people and communities their words and actions may harm.
But conservative politicians and pundits have increasingly embraced the argument that cancel culture, rather than being a way of speaking truth to power, has spun out of control and become a senseless form of social media mob rule. At the 2020 Republican National Convention, for example, numerous speakers, including President Trump, addressed cancel culture directly, and one delegate resolution even explicitly targeted the phenomenon, describing it as having “grown into erasing of history, encouraging lawlessness, muting citizens, and violating free exchange of ideas, thoughts, and speech.”
Actually, ending someone’s career through the power of public backlash is difficult. Few entertainers or other public figures have truly been cancelled — that is, while they may have faced considerable negative criticism and calls to be held accountable for their statements and actions, very few of them have truly experienced career-ending repercussions.
Harry Potter author, J.K. Rowling, for example, has faced intense criticism from her own fans since she began to voice transphobic beliefs, making her one of the most prominently “cancelled” individuals at the centre of the cancel culture debate. But following Rowling’s publication, in June 2020, of a transphobic manifesto, sales of the author’s books actually increased tremendously in her home country of Great Britain. - This question has a word followed by four choices.Select the suitable antonym.
Gregariousness - This question has a word followed by four choices.Select the suitable antonym.
Exacerbate - This question has a word followed by four choices.Select the suitable antonym.
Ectomorphic - This question has a word followed by four choices.Select the suitable antonym.
Acrimonious
View More Questions