In the context of taxation, the term 'Input Tax Credit' (ITC) is associated with: MCQ with Answer and Explanation

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In the context of taxation, the term 'Input Tax Credit' (ITC) is associated with:

A. Customs Duty

B. Income Tax

C. Corporate Tax

D. GST

Answer: Option D

Solution (By JKSSB Mock Tests)

Input Tax Credit (ITC) is a mechanism under GST that allows businesses to claim credit for the tax paid on inputs against the tax payable on output.

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Question #1

In a BRS, when a cheque is issued but not presented, the cash book balance is:

A. Lower than the pass book balance

B. Unaffected

C. Equal to the pass book balance

D. Higher than the pass book balance

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Correct Answer: Option A

Explanation:
Issuing a cheque immediately reduces the cash book balance, but the bank balance (pass book) remains high until the cheque is cleared.

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

Question #2

'Revenue from Contracts with Customers' is covered under:

A. Ind AS 115

B. Ind AS 109

C. AS 9

D. AS 7

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Correct Answer: Option A

Explanation:
Ind AS 115 provides a comprehensive framework for revenue recognition.

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

Question #3

The 'Form 10IE' is to be filed for:

A. GST registration

B. Opting for new income tax regime

C. TDS return

D. Tax audit

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Correct Answer: Option B

Explanation:
Form 10IE is filed by individuals/HUFs to opt for the new tax regime.

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

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