Advance tax must be paid in instalments during the financial year if the estimated tax liability exceeds: MCQ with Answer and Explanation

Question
Advance tax must be paid in instalments during the financial year if the estimated tax liability exceeds:
A. Rs 10,000
B. Rs 5,000
C. Rs 50,000
D. Rs 1,00,000
Answer: Option A
Solution (By JKSSB Mock Tests)
Under Section 208, advance tax is mandatory if the estimated tax liability for the year is Rs 10,000 or more.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Indian Government Accounting Standards' (IGAS) are based on:
A. Mixed basis
B. Cash basis
C. Mercantile basis
D. Accrual basis
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Correct Answer: Option B

Explanation:
IGAS are primarily cash-based, with certain disclosures on accrual basis.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Standard Deduction' for family pension under the new tax regime is:
A. Not allowed
B. ₹25,000
C. ₹50,000
D. ₹15,000 or one-third of pension, whichever is less
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Correct Answer: Option D

Explanation:
Family pension deduction is available under both regimes at ₹15,000 or 1/3rd of pension, whichever is less.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
An amount of Rs 5,000 received from Mohan was incorrectly credited to Sohan's account. This is an example of:
A. Error of Principle
B. Compensating Error
C. Error of Commission
D. Error of Omission
Discuss
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Correct Answer: Option C

Explanation:
Posting to the correct side but the wrong personal account is a clerical mistake classified as an error of commission.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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