ITR-4 (Sugam) is for: MCQ with Answer and Explanation

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ITR-4 (Sugam) is for:

A. Presumptive income taxpayers

B. Companies

C. Trusts

D. Partnership firms

Answer: Option A

Solution (By JKSSB Mock Tests)

ITR-4 is for individuals/HUFs/firms (other than LLP) having income from business/profession under presumptive taxation.

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

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Question #1

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If rent paid is Rs 10,000 and prepaid rent at year-end is Rs 2,000, what is the rent expense for the current year under accrual accounting?

A. Rs 8,000

B. Rs 10,000

C. Rs 12,000

D. Rs 2,000

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Correct Answer: Option A

Explanation:
Current year expense = Paid amount - Prepaid for next year = 10,000 - 2,000 = Rs 8,000.

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

Question #2

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A business has a closing stock of ₹60,000, its NRV is ₹55,000. Stock will be valued at:

A. ₹57,500

B. ₹55,000

C. ₹60,000

D. ₹60,000 or ₹55,000 at option

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Correct Answer: Option B

Explanation:
Prudence requires stock at lower of cost or NRV, so ₹55,000.

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Question #3

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The 'Substantive Analytical Procedure' involves:

A. Inquiry only

B. Physical verification only

C. Evaluating financial information through analysis of plausible relationships

D. Detailed testing of samples

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Correct Answer: Option C

Explanation:
Substantive analytical procedures use ratios, trends, and relationships to detect misstatements.

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