Agricultural income in India is: MCQ with Answer and Explanation

Question
Agricultural income in India is:
A. Exempted under Section 10(1)
B. Taxable only for corporate farmers
C. Taxable at a flat rate of 10%
D. Fully taxable
Answer: Option A
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 'Theory of Constraints' (TOC) in cost management focuses on:
A. Identifying and managing the bottleneck operation
B. Reducing all costs
C. Reducing quality
D. Increasing inventory
Discuss
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Correct Answer: Option A

Explanation:
TOC aims to maximise throughput by managing constraints.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
In partnership, the guarantee of profit to a partner is given by:
A. The firm
B. The other partners
C. The government
D. The auditor
Discuss
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Correct Answer: Option B

Explanation:
A guarantee of minimum profit to a partner is given by the other partners or the firm as a whole, and any deficiency is borne by the guarantor(s).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Prevention of Money Laundering Act' (PMLA) in India requires reporting of:
A. All cash transactions
B. GST filings
C. Tax payments
D. Suspicious transactions
Discuss
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Correct Answer: Option D

Explanation:
PMLA requires financial institutions to report suspicious transactions to the Financial Intelligence Unit.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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