A 'Shell Company' is a term used for: MCQ with Answer and Explanation

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A 'Shell Company' is a term used for:

A. A listed company

B. A government company

C. A company with substantial assets

D. A company with no active business or significant assets

Answer: Option D

Solution (By JKSSB Mock Tests)

Shell companies exist mainly on paper with no significant operations or assets, often used for illicit activities.

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

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Question #1

What is the maximum rate of CGST prescribed under the CGST Act?

A. 28%

B. 18%

C. 14%

D. 20%

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Correct Answer: Option D

Explanation:
The maximum rate of CGST is capped at 20% by the Act, making the combined maximum GST (CGST + SGST) 40%.

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

Question #2

Under Indian tax law, 'Assessment Year' means:

A. Year following the previous year, in which income is assessed

B. Calendar year

C. Year in which income is earned

D. Financial year

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Correct Answer: Option A

Explanation:
Assessment year is the year in which income of the previous year is assessed and taxed.

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

Question #3

The 'Revised Return' under Income Tax can be filed:

A. Only once

B. Within one year

C. Before the end of the assessment year or completion of assessment, whichever is earlier

D. Any time

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Correct Answer: Option C

Explanation:
Revised return can be filed up to 3 months before the end of relevant assessment year or before completion of assessment, whichever is earlier.

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

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