Input Tax Credit on motor vehicles is blocked under GST except when used for: MCQ with Answer and Explanation

Question
Input Tax Credit on motor vehicles is blocked under GST except when used for:
A. All cases
B. Personal use
C. Further supply of vehicles or transportation of goods/passengers
D. Office commuting
Answer: Option C
Solution (By JKSSB Mock Tests)
ITC on motor vehicles is generally blocked, but allowed if used for specified purposes like transport services, further supply, etc.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
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?
A. ₹1,00,000
B. ₹10,000
C. ₹25,000
D. ₹50,000
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Correct Answer: Option D

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).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
AS 5 (Net Profit or Loss for the Period, Prior Period Items and Changes in Accounting Policies) requires that extraordinary items should be:
A. Shown as appropriation
B. Disclosed separately in the profit and loss statement
C. Not disclosed
D. Clubbed with regular income
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Correct Answer: Option B

Explanation:
Extraordinary items are disclosed separately to show their nature and amount.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a direct tax?
A. GST
B. Income tax
C. Customs duty
D. Excise duty
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Correct Answer: Option B

Explanation:
Income tax is a direct tax as the burden falls directly on the taxpayer. GST, excise, customs are indirect taxes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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