Tax Deducted at Source (TDS) on rent of land/building under section 194I (exceeding Rs 2.4 lakhs p.a.) is at the rate of: MCQ with Answer and Explanation

Question
Tax Deducted at Source (TDS) on rent of land/building under section 194I (exceeding Rs 2.4 lakhs p.a.) is at the rate of:
A. 5%
B. 10%
C. 1%
D. 2%
Answer: Option B
Solution (By JKSSB Mock Tests)
Under Section 194I of the Income Tax Act, TDS on rent for land and buildings is deducted at 10%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
Under the Super Profit method, Goodwill is calculated as:
A. Average Profit x Number of years' purchase
B. Super Profit / Normal Rate of Return
C. Capital Employed x Normal Rate of Return
D. Super Profit x Number of years' purchase
Discuss
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Correct Answer: Option D

Explanation:
Super profit is the excess of actual average profit over normal profit. Goodwill is Super Profit multiplied by the agreed number of years' purchase.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Tax Information Network' (TIN) in India is managed by:
A. NSDL
B. GSTN
C. CBDT
D. RBI
Discuss
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Correct Answer: Option A

Explanation:
TIN was established by NSDL for collection, processing, and monitoring of TDS.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
A Realisation Account is opened at the time of:
A. Dissolution of partnership firm
B. Change in profit-sharing ratio
C. Retirement of a partner
D. Admission of a partner
Discuss
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Correct Answer: Option A

Explanation:
Realisation Account is prepared to close books on dissolution of the firm, not just reconstitution.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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