1: Depreciation is not an allowable expense because
Ref: http://127.0.0.1/taxdony/Glossary/generally-disallowable-expenses/
2: Which of the following statement best describes the term balancing charge?
Ref: Second Schedule, income tax act CAP 470
3: Which of the following facts is not true about diminution in value?
Ref: http://127.0.0.1/taxdony/Glossary/specifically-allowable-expenses/
4: Which among the following is NOT a disallowable expense for any business
5: A reduction in specific provision for doubtful debts is
Ref: http://127.0.0.1/taxdony/Glossary/specifically-allowable-expenses/
6: Recovery of a non-trade bad debt is a
7: A trader lost inventory which was uninsured. The right tax treatment is to
Ref: http://127.0.0.1/taxdony/Glossary/generally-allowable-expenses/
8: Core communications is running an advert on a billboard leased from Magnetic outdoor. They are allowed to
Ref: http://127.0.0.1/taxdony/Glossary/generally-allowable-expenses/
9: Incomes received by churches is exempted from tax because
Ref: http://127.0.0.1/taxdony/Glossary/taxation-of-not-for-profit-organizations/
10: Dividends paid to shareholders are not allowable deductions because
Ref: http://127.0.0.1/taxdony/Glossary/generally-disallowable-expenses/
11: Which of the following is not true about taxation of SACCOs
Ref: http://127.0.0.1/taxdony/Glossary/saccos/
12: Kiprotich a high school teacher and a farmer was paid Sh 720,000 by the employer and made a loss of Sh 200,000 for the year of income 2021.His taxable income for the year shall be
Ref: Income tax act CAP 470 sec 15(7) e
13: Royce Company Ltd which is a resident of Kenya reported income in 2021 was as follows: Business income Sh.5, 000,000, Commercial Rental income Sh.3, 000,000 and Farming loss Sh.2 000,000. The taxable income for the year shall be
Ref: Income tax act CAP 470 sec 15(7) e
14: What is the maximum period allowed to for a taxpayer to recover losses against profits made in subsequent years?
Refer to Section 15(4)
15: The following entities enjoy preferential corporation tax rates except
Ref Income tax act CAP 470 Sec Third Schedule
16: An international conglomerate intents to invest in Bungoma county Sh.300 Million on factory building and machinery. Capital allowance on these assets shall be granted at
Ref: http://127.0.0.1/taxdony/capital-allowances-rates-2021/
17: n the second and subsequent years of assets use, capital allowances are generally claimed on
Ref: http://127.0.0.1/taxdony/capital-allowances-rates-2021/
18: A director’s car is acquired at Sh. 4,000,000. Its qualifying cost for purposes capital allowances shall be
Ref: http://127.0.0.1/taxdony/capital-allowances-rates-2021/
19: Deduction of interest expense in companies is limited to
Ref: Finance act 2021
20: The special tax treatment enjoyed by Primary cooperative societies is
Ref: http://127.0.0.1/taxdony/Glossary/primary-cooperative-societies/