B:-Medical Allowance, Travelling Allowance, Daily Allowance
C:-Daily Allowance, City Compensatory Allowance, Medical Allowance
D:-Travelling Allowance, Helper Allowance, Daily Allowance
Correct Answer:- Option-D
Question33:-If an individual owns two self-occupied houses, the annual value
A:-Of one house shall be treated as nil
B:-Of both house shall be treated as nil
C:-Of both house shall be charged to tax
D:-None of these
Correct Answer:- Option-B

Question34:-The following expenses are disallowed while computing income from
business

(i) Income tax, bad debts written off, wealth tax

(11) Provision for gratuity, Interest on borrowed capital, Life insurance premium
(iii) Life insurance premium, Income tax, Interest on capital

(iv) donations, charity and presents wealth tax contribution to political parties

A:-(i) and (ii) only

B:-(ii) and (iv) only

C:-(iii) and (iv) only

D:-(i) and (iii) only
Correct Answer:- Option-C

Question35:-Which of the following statements are correct?

(i) Undervaluation of closing stock and overvaluation of opening stock increases
the profit of the business

(ii) Overvaluation of closing stock and undervaluation of opening stock increases
the profit of the business

(iii) Undervaluation of closing stock and overvaluation of opening stock decreases
the profit of the business

(iv) overvaluation of closing stock and undervaluation of opening stock decreases
the profit of the business

A:-(i) and (iii) are correct

B:-(ii) and (iii) are correct

C:-(ii) and (iv) are correct

D:-(i) and (iv) are correct

Correct Answer:- Option-B

Question36:-The rate of depreciation charged in patent right is

A:-15%

B:-20%

C:-25%

D:-60%