A 'Non-Resident' is a person who: MCQ with Answer and Explanation

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A 'Non-Resident' is a person who:

A. Has income only outside India

B. Does not satisfy the basic conditions of residence

C. Lives abroad permanently

D. Is a foreign citizen

Answer: Option B

Solution (By JKSSB Mock Tests)

Non-resident status is determined by fulfilling conditions under Section 6 of Income Tax Act.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

The 'Cash Book' serves as:

A. Only a journal

B. Only a ledger

C. A subsidiary book for all transactions

D. Both journal and ledger for cash transactions

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Correct Answer: Option D

Explanation:
Cash book records all cash and bank transactions, functioning as journal (original entry) and ledger.

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Question #2

The 'Provision for Bad Debts' in banking companies is governed by:

A. RBI guidelines and Income Tax Act

B. SEBI

C. Companies Act only

D. Income Tax Act alone

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Correct Answer: Option A

Explanation:
Banks must follow RBI's prudential norms for NPA provisioning, while tax deduction is under Section 36(1)(viia).

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Question #3

The 'GST Refund' for unutilised ITC due to inverted duty structure is available for:

A. All zero-rated supplies

B. All goods

C. Goods where input tax rate is higher than output tax rate, subject to certain exclusions

D. Services

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Correct Answer: Option C

Explanation:
Refund of accumulated ITC due to inverted rate structure is allowed for goods, with some exceptions.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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