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. Office commuting
B. All cases
C. Further supply of vehicles or transportation of goods/passengers
D. Personal use
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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Practice More Accountancy and Book Keeping Questions

Question #1
Under the Partnership Act, if a partner is expelled, what happens to his liability for acts of the firm done before his expulsion?
A. He remains liable to third parties for acts done before expulsion until public notice is given
B. His liability is transferred to the remaining partners automatically
C. He is completely released from all liabilities
D. He is only liable if the remaining partners agree to indemnify him
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Correct Answer: Option A

Explanation:
Under Section 36 of the Indian Partnership Act, an expelled partner remains liable to third parties for acts of the firm up to the date of his expulsion, until a public notice of his expulsion is given.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A company uses 'Economic Order Quantity' (EOQ) of 500 units. Annual demand is 5,000 units. Number of orders per year will be:
A. 10
B. 100
C. 500
D. 5
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Correct Answer: Option A

Explanation:
Number of orders = Annual demand / EOQ = 5,000 / 500 = 10.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Deductions for investments in PPF, LIC, and ELSS fall under which section of the Income Tax Act?
A. Section 80D
B. Section 80G
C. Section 80C
D. Section 24(b)
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Correct Answer: Option C

Explanation:
Section 80C allows a maximum deduction of Rs 1.5 Lakhs for specified investments and expenditures.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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