Explanation:
Depreciation is a non-cash transaction and does not involve a source document like invoice; it's recorded via journal voucher but is not an external voucher. But the term 'non-voucher' might refer to transactions without a supporting document. Depreciation entry has no source document, so it's often a journal entry. The question is ambiguous but likely pointing to depreciation as a non-cash transaction without physical voucher. Answer A.
Under the Income Tax Act, the deduction under Section 80TTA is available for interest earned on savings bank accounts. What is the maximum limit for this deduction?
Explanation:
Section 80TTA allows a deduction of up to ₹50,000 for interest income earned from savings accounts maintained with banks or co-operative societies. (Note: 80TTB provides ₹50,000 for senior citizens on all deposits).
No comments yet. Be the first to start the discussion!