In the context of recent developments, what is the full form of 'Ind-AS'?
A. International Accounting Standards
B. Internal Accounting System
C. Indian Audit Standards
D. Indian Accounting Standards
Answer: Option D
Solution (By JKSSB Mock Tests)
Ind-AS stands for Indian Accounting Standards, which are the standards converged with IFRS (International Financial Reporting Standards) and notified under the Companies Act.
Explanation:
Float is the delay in the clearing system, creating a temporary discrepancy between the firm's cash balance and the bank's ledger balance.
Under the Income Tax Act, the 'TDS' on payment of rent for plant and machinery exceeding ₹1,80,000 per annum is governed by which section, and what is the rate?
Explanation:
Section 194I(a) mandates TDS at 2% on rent paid for the use of plant, machinery, or equipment, provided the rent exceeds ₹1,80,000 in a financial year.
No comments yet. Be the first to start the discussion!