Agricultural income in India is: MCQ with Answer and Explanation

Question
Agricultural income in India is:
A. Taxable only for corporate farmers
B. Taxable at a flat rate of 10%
C. Exempted under Section 10(1)
D. Fully taxable
Answer: Option C
Solution (By JKSSB Mock Tests)
Section 10(1) of the Income Tax Act exempts agricultural income from Central Income Tax.
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 main purpose of preparing a 'Ledger' is:
A. To detect errors
B. To classify and summarise transactions account-wise
C. To ascertain profit or loss
D. To record transactions chronologically
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Correct Answer: Option B

Explanation:
Ledger is the principal book where all transactions are classified into various accounts.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Financial Year' for a company under Companies Act is:
A. Any 12-month period
B. Diwali to Diwali
C. 1st January to 31st December
D. 1st April to 31st March
Discuss
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Correct Answer: Option D

Explanation:
Financial year for companies is uniform: April to March.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A bill of exchange for ₹20,000 discounted with bank for ₹19,500. The discount charged is:
A. ₹1,000
B. ₹20,000
C. ₹19,500
D. ₹500
Discuss
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Correct Answer: Option D

Explanation:
Discount = Face value - Amount received = 20,000 - 19,500 = ₹500.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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