TDS on rent under Section 194I is deducted at: MCQ with Answer and Explanation

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TDS on rent under Section 194I is deducted at:

A. 2%

B. 5% for all

C. 10% for land/building, 2% for plant/machinery

D. 1%

Answer: Option C

Solution (By JKSSB Mock Tests)

Section 194I: rent for plant/machinery 2%, for land/building/furniture 10%.

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

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Gross profit is transferred to:

A. Trading A/c

B. Balance Sheet

C. Profit & Loss A/c (credit side)

D. Capital A/c

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Correct Answer: Option C

Explanation:
Gross profit from Trading A/c is transferred to the credit side of Profit & Loss A/c.

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Question #2

The 'Faceless Appeal' scheme under income tax was introduced by:

A. Finance Act, 2020

B. Finance Act, 2021

C. Finance Act, 2019

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Correct Answer: Option A

Explanation:
Faceless appeal scheme was introduced in 2020 to impart transparency.

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Question #3

The 'Prudence Concept' is also known as:

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Correct Answer: Option B

Explanation:
Prudence (conservatism) means anticipating no profits but providing for all possible losses.

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

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