In India, the new 'Income Tax Bill' 2025 aims to: MCQ with Answer and Explanation

Question
In India, the new 'Income Tax Bill' 2025 aims to:
A. Simplify and consolidate the income tax law
B. Increase tax rates
C. Replace GST
D. Abolish all exemptions
Answer: Option A
Solution (By JKSSB Mock Tests)
The proposed bill seeks to simplify the language and structure of the Income Tax Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
The closing entry for transferring purchases account is:
A. Capital A/c Dr. To Purchases A/c
B. Purchases A/c Dr. To Trading A/c
C. Trading A/c Dr. To Purchases A/c
D. Profit & Loss A/c Dr. To Purchases A/c
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
At year-end, purchases account balance is transferred to Trading Account by debiting Trading A/c and crediting Purchases A/c.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
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. Error of Omission
C. Compensating Error
D. Error of Commission
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option D

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
Question #3
In the Trading Account, 'Wages' paid for production are:
A. Debited
B. Not included
C. Shown as liability
D. Credited
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Wages are direct expenses, debited to Trading Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: