'Angel Tax' is a term used for tax on: MCQ with Answer and Explanation

Question

Share Report Error

'Angel Tax' is a term used for tax on:

A. Charitable trusts

B. Income of angels

C. Investments in startups by angel investors above fair market value

D. Religious institutions

Answer: Option C

Solution (By JKSSB Mock Tests)

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

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Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is a non-integrated accounting system?

A. Computerized accounting

B. Single entry system

C. Cost and financial accounts maintained separately

D. Cost accounts integrated with financial accounts

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Correct Answer: Option C

Explanation:
Non-integrated system keeps cost and financial accounts independently, with reconciliation.

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

Question #2

Capital loss can be carried forward for:

A. 16 years

B. 8 years

C. Indefinitely

D. 4 years

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Correct Answer: Option B

Explanation:
Capital losses (short-term and long-term) can be carried forward for 8 years.

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Question #3

In the context of recent developments, what is the full form of 'Ind-AS'?

A. Indian Accounting Standards

B. Indian Audit Standards

C. International Accounting Standards

D. Internal Accounting System

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Correct Answer: Option A

Explanation:
Ind-AS stands for Indian Accounting Standards, which are the standards converged with IFRS (International Financial Reporting Standards) and notified under the Companies Act.

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

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