773. Which one of the following deductions will not come under Section 80 of the Income Tax Act?
774. Which of the following statements are true in context of Minimum Alternate Tax (MAT)?
(1) MAT is applied when the taxable income calculated according to the I-T Act provisions is found to be less than 15.5% (plus surcharge and cess as applicable) of the book profit under the Companies Act, 2013.
(2) MAT was reduced in September 2019, from 18.5% to 15%.
(3) MAT is levied on book profit, unlike normal corporation tax, which is levied on taxable profit.
(4) No MAT would be imposed on new domestic manufacturing company (incorporated on or after 1st October 2019).
(1) MAT is applied when the taxable income calculated according to the I-T Act provisions is found to be less than 15.5% (plus surcharge and cess as applicable) of the book profit under the Companies Act, 2013.
(2) MAT was reduced in September 2019, from 18.5% to 15%.
(3) MAT is levied on book profit, unlike normal corporation tax, which is levied on taxable profit.
(4) No MAT would be imposed on new domestic manufacturing company (incorporated on or after 1st October 2019).
775. An equipment was acquired at a cost of Rs. 10 lakh and was put to use in Scientific Research. After one year of research the equipment was brought into another business of the assessee. For charging depreciation, block of assets shall be increased by:
777. Amount unutilised in capital gain account scheme for which exemption claimed u/s 54 shall be treated as long-term capital gain, if:
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