Accountancy and Book Keeping MCQs

Accountancy and Statistics

Accountancy and Book Keeping MCQs

Practice the latest Accountancy MCQs with answers and detailed explanations. Explore chapter-wise multiple-choice questions covering important accounting concepts, bookkeeping, financial statements, journal entries, ledger, trial balance, depreciation, ratio analysis, partnership accounts, company accounts, and more. Perfect for Class 11 & 12, B.Com, CA Foundation, CUET, Banking, SSC, JKSSB, JKPSC and competitive exams.

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Total Questions

Practice Questions

Page 38 of 94
Question #741
The 'Taxpayer's Charter' in India is a part of:
A. Companies Act
B. Finance Act, 2020
C. Income Tax Act
D. GST Act
Discuss
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Correct Answer: Option B

Explanation:
Taxpayer's Charter was introduced as part of the Finance Act, 2020, outlining rights and obligations of taxpayers.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #742
The 'Equalisation Levy' in India is a tax on:
A. Income from agriculture
B. All goods
C. Personal income
D. Digital transactions by non-resident companies
Discuss
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Correct Answer: Option D

Explanation:
Equalisation levy, often called 'Google tax', is on specified digital services provided by non-residents.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #743
The 'Securities Transaction Tax' (STT) is levied on:
A. Bank deposits
B. Purchase and sale of shares and derivatives on recognized stock exchanges
C. Property transactions
D. Commodity transactions
Discuss
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Correct Answer: Option B

Explanation:
STT is a direct tax on transactions in securities listed on recognized stock exchanges.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #744
The 'Commodities Transaction Tax' (CTT) is levied on:
A. Only gold
B. Agricultural commodities
C. All commodities
D. Non-agricultural commodity derivatives
Discuss
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Correct Answer: Option D

Explanation:
CTT is levied on trading in non-agricultural commodity derivatives.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #745
The 'Swachh Bharat Cess' was a cess on:
A. GST
B. All taxable services (during pre-GST era)
C. Corporate profits
D. Income tax
Discuss
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Correct Answer: Option B

Explanation:
Swachh Bharat Cess at 0.5% was levied on taxable services before GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #746
The 'Krishi Kalyan Cess' was introduced for:
A. Health
B. Education
C. Infrastructure
D. Agricultural development
Discuss
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Correct Answer: Option D

Explanation:
Krishi Kalyan Cess (0.5%) was levied on all taxable services for agriculture welfare, subsumed in GST.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #747
The 'GST Council' is a constitutional body under:
A. Article 279A
B. Article 324
C. Article 280
D. Article 370
Discuss
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Correct Answer: Option A

Explanation:
GST Council was created by Constitution (101st Amendment) Act, 2016, under Article 279A.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #748
The 'Chairperson of GST Council' is:
A. Finance Secretary
B. Union Finance Minister
C. Prime Minister
D. Revenue Secretary
Discuss
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Correct Answer: Option B

Explanation:
Union Finance Minister is the ex-officio chairperson of GST Council.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #749
The 'Voting weight' of the Union Government in GST Council is:
A. One-third
B. Full
C. Half
D. Two-thirds
Discuss
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Correct Answer: Option A

Explanation:
Union has one-third weight and all states together have two-thirds weight.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #750
The 'GST Compensation to States' is for a period of:
A. 10 years
B. 3 years
C. 5 years
D. Indefinite
Discuss
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Correct Answer: Option C

Explanation:
Compensation to states for revenue loss was guaranteed for 5 years from GST implementation (2017-2022).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #751
The 'e-assessment' scheme for income tax was launched to:
A. Faceless scrutiny
B. Increase tax rates
C. Reduce refunds
D. Eliminate digital filing
Discuss
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Correct Answer: Option A

Explanation:
E-assessment aims at faceless and paperless scrutiny of tax returns.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #752
The 'Business Intelligence Unit' in tax department uses:
A. Manual intelligence
B. Data analytics to identify tax evasion
C. Physical surveillance
D. Only newspaper reports
Discuss
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Correct Answer: Option B

Explanation:
BIU uses big data and analytics to detect non-compliance.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #753
'Angel Tax' is a term used for tax on:
A. Investments in startups by angel investors above fair market value
B. Charitable trusts
C. Income of angels
D. Religious institutions
Discuss
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Correct Answer: Option A

Explanation:
Angel tax refers to Section 56(2)(viib) tax on excess share premium received by closely held companies.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #754
The 'Minimum Alternate Tax' (MAT) is applicable to:
A. Individuals
B. Partnership firms
C. Companies paying low or no tax due to exemptions
D. All taxpayers
Discuss
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Correct Answer: Option C

Explanation:
MAT ensures that companies with substantial book profits pay at least a minimum amount of tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #755
The 'Alternate Minimum Tax' (AMT) applies to:
A. All individuals
B. Foreign companies
C. Non-corporate taxpayers claiming deductions under certain sections
D. All companies
Discuss
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Correct Answer: Option C

Explanation:
AMT is for non-corporate assessees having adjusted total income exceeding ₹20 lakhs and claiming specified deductions.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #756
The 'Presumptive Taxation' scheme under Section 44AD is for:
A. Small businesses with turnover up to ₹2 crore
B. Importers
C. Professionals only
D. Large corporates
Discuss
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Correct Answer: Option A

Explanation:
Section 44AD allows eligible businesses to declare 8% (or 6% digital) of turnover as presumptive income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #757
The 'Presumptive Taxation' for professionals under Section 44ADA applies to gross receipts up to:
A. ₹50 lakh
B. ₹1 crore
C. ₹2 crore
D. ₹25 lakh
Discuss
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Correct Answer: Option A

Explanation:
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #758
The 'Tax Collected at Source' (TCS) applies to:
A. Dividends
B. All payments
C. Certain specified transactions like sale of scrap, motor vehicles above ₹10 lakh, etc.
D. Salary payments
Discuss
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Correct Answer: Option C

Explanation:
TCS is collected by seller from buyer on specified goods.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #759
The 'Tax Deduction and Collection Account Number' (TAN) is required for:
A. All taxpayers
B. Individuals only
C. Persons responsible for deducting or collecting tax at source
D. Companies only
Discuss
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Correct Answer: Option C

Explanation:
TAN is a 10-digit alphanumeric number required for deductors/collectors of tax.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #760
The 'Permanent Account Number' (PAN) is issued by:
A. MCA
B. RBI
C. Income Tax Department
D. GSTN
Discuss
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Correct Answer: Option C

Explanation:
PAN is a unique identifier issued by the Income Tax Department.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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