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B Com Exam  >  B Com Tests  >  Test: Role of Small Business in the National Economy - B Com MCQ

Test: Role of Small Business in the National Economy - B Com MCQ


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10 Questions MCQ Test - Test: Role of Small Business in the National Economy

Test: Role of Small Business in the National Economy for B Com 2024 is part of B Com preparation. The Test: Role of Small Business in the National Economy questions and answers have been prepared according to the B Com exam syllabus.The Test: Role of Small Business in the National Economy MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Role of Small Business in the National Economy below.
Solutions of Test: Role of Small Business in the National Economy questions in English are available as part of our course for B Com & Test: Role of Small Business in the National Economy solutions in Hindi for B Com course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Role of Small Business in the National Economy | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study for B Com Exam | Download free PDF with solutions
Test: Role of Small Business in the National Economy - Question 1
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Under which section of the Income Tax Act 1961 are new industrial undertakings, including small-scale industries, exempted from paying income tax on their profits for a specified period?

Detailed Solution for Test: Role of Small Business in the National Economy - Question 1
New industrial undertakings, including small-scale industries, are exempted from income tax on their profits for a specific period under Section 80-J of the Income Tax Act 1961.
Test: Role of Small Business in the National Economy - Question 2
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To be eligible for the tax holiday benefit, what are the conditions that a small-scale industry must fulfill?

Detailed Solution for Test: Role of Small Business in the National Economy - Question 2
To avail of the tax holiday benefit, a small-scale industry must meet the conditions of not being formed by splitting or reconstruction of an existing unit and employing 10 or more workers in a manufacturing process with power or 20 or more workers without power.
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Test: Role of Small Business in the National Economy - Question 3
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Under which section of the Income Tax Act 1961 are small-scale industries entitled to a deduction for depreciation on plant and machinery?

Detailed Solution for Test: Role of Small Business in the National Economy - Question 3
Small-scale industries are entitled to a deduction for depreciation on plant and machinery under Section 32 of the Income Tax Act 1961.
Test: Role of Small Business in the National Economy - Question 4
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What is the maximum deduction allowed for depreciation on plant and machinery for small-scale industries?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 4
Small-scale industries are allowed a maximum deduction of Rs. 20 lakh for depreciation on plant and machinery.
Test: Role of Small Business in the National Economy - Question 5
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What type of assets are eligible for depreciation allowance or deduction?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 5
Depreciation allowance or deduction is allowed only on fixed assets, such as building, machinery, plant, and furniture.
Test: Role of Small Business in the National Economy - Question 6
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What is the condition for availing the "Rehabilitation Allowance" for small-scale industries under Section 33-B of the Income Tax Act, 1961?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 6
Small-scale industries can avail of the "Rehabilitation Allowance" under Section 33-B if their business is discontinued due to reasons like natural disasters or civil disturbances.
Test: Role of Small Business in the National Economy - Question 7
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What is the rate of the investment allowance for small-scale industries as per Section 31 A of the Income Tax Act, 1961?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 7
Small-scale industries are allowed an investment allowance at the rate of 25% of the cost of acquisition of new plant or machinery under Section 31 A of the Income Tax Act, 1961.
Test: Role of Small Business in the National Economy - Question 8
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What is the consequence if a small-scale industry does not put its machinery or plant to use in the year of installation or the immediate following year?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 8
If a small-scale industry does not put its machinery or plant to use in the year of installation or the immediate following year, it forfeits the benefit of claiming the investment allowance.
Test: Role of Small Business in the National Economy - Question 9
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Under which section of the Income Tax Act, 1961, are small-scale industries in rural areas entitled to a deduction of 20% of their profits and gains?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 9
Small-scale industries in rural areas are entitled to a deduction of 20% of their profits and gains under Section 80-HH of the Income Tax Act, 1961.
Test: Role of Small Business in the National Economy - Question 10
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What is the key condition for a small-scale industry to be eligible for tax concession in backward areas under Section 80-I of the Income Tax Act, 1961?
Detailed Solution for Test: Role of Small Business in the National Economy - Question 10
For tax concession in backward areas under Section 80-I, a small-scale industry should employ at least 10 workers in a manufacturing process carried on without the aid of power.
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