
Income Tax Act 1961: Set Off and Carry Forward of Loss
Quiz
•
Financial Education
•
University
•
Medium
CHIRAG CHANDAN
Used 1+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is meant by 'set off of loss' in the Income Tax Act 1961?
Deduction of losses from one source of income against income from another source in the next assessment year
Addition of losses from one source of income to income from another source within the same assessment year
Adjustment of losses from one source of income against income from another source within the same assessment year.
Exclusion of losses from one source of income without any adjustment
2.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Explain the concept of 'carry forward of loss' as per the Income Tax Act 1961.
Carry forward of loss allows a taxpayer to carry forward certain types of losses to future years to set off against future profits, thereby reducing the tax liability.
Carry forward of loss is not allowed under the Income Tax Act 1961
Carry forward of loss allows a taxpayer to carry forward profits to future years
Carry forward of loss means transferring the loss to another taxpayer for set off
3.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is 'loss adjustment' in the context of the Income Tax Act 1961?
Process of increasing the losses incurred in a financial year
Process of transferring the losses to another taxpayer
Process of ignoring the losses incurred in a financial year
Process of adjusting the losses incurred against the income of a particular financial year
4.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Define 'inter-source adjustment' with respect to the Income Tax Act 1961.
Adjustment of losses from one family member against income from another family member
Adjustment of losses from one business against income from another business
Adjustment of losses from one source of income against income from another source
Adjustment of losses from one financial year against income from another financial year
5.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Explain the concept of 'intra-source adjustment' in the Income Tax Act 1961.
Adjustment of income for tax exemption
Adjustment of losses within the same head of income
Adjustment of losses between different heads of income
Adjustment of gains within the same head of income
6.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
What is meant by 'specified business loss' in the Income Tax Act 1961?
Loss incurred from a business or profession eligible for set off and carry forward
Income generated from a side business
Loss incurred from a non-eligible business
Profit earned from a business or profession
7.
MULTIPLE CHOICE QUESTION
45 sec • 1 pt
Discuss the provisions related to 'set off of loss' in the Income Tax Act 1961.
Sections 90 to 100
Sections 70 to 80
Chapters 50 to 60
Articles 1 to 20
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