3rd Quiz

Prospecting expenditure can be incurred by mining companies only.

• True

• False

Disposer of a mine may have a chance to claim mining allowance in the year of disposal.

• True

• False

Purchaser of a forest (transferee) can claim forest allowance only if he incurred qualifying forest expenditure.

• True

• False

Transferee of a plantation can claim agriculture allowance without any restriction.

• True

• False

Transferor of an agriculture business can claim agriculture allowance in the year of disposal if the asset if used within one month prior to disposal.

• True

• False

Income of a bank is assessed on world income scope basis.

• True

• False

The scope of charge of a banking business is specified in section 6C.

• True

• False

Overseas subsidiary of a bank is also charge on world income scope.

• True

• False

Para 28 Schedule 6 is applicable to banking business.

• True

• False

Income of a bank that is generated from leasing arrangement is assumed as income from banking business.

• True

• False