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

Question
ITR-4 (Sugam) is for:
A. Trusts
B. Companies
C. Partnership firms
D. Presumptive income taxpayers
Answer: Option D
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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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Expected Credit Loss' for trade receivables:
A. Only when default occurs
B. No impairment
C. Can use simplified approach (lifetime ECL) if there is no significant financing component
D. Always requires 12-month ECL
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Correct Answer: Option C

Explanation:
Ind AS 109 allows the simplified approach for trade receivables and contract assets.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Ethical Requirements' for professional accountants include:
A. Only competence
B. Only integrity
C. Only confidentiality
D. Integrity, objectivity, professional competence and due care, confidentiality, and professional behaviour
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Correct Answer: Option D

Explanation:
The Code of Ethics outlines five fundamental principles.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
GST in India is a:
A. Wealth tax
B. Destination-based consumption tax
C. Origin-based tax
D. Direct tax
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Correct Answer: Option B

Explanation:
GST is levied where goods and services are consumed rather than where they are produced.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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