The 'Analytical Procedures' are required: MCQ with Answer and Explanation

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The 'Analytical Procedures' are required:

A. Never

B. At planning, as substantive procedures, and at final review stage

C. Only as substantive

D. Only at planning stage

Answer: Option B

Solution (By JKSSB Mock Tests)

SA 520 mandates analytical procedures at these stages.

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

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Question #1

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Which of the following deductions is not allowed under the new income tax regime (default)?

A. Standard deduction on salary

B. Section 80C (PPF, LIC, etc.)

C. Section 24(b) interest on housing loan (let-out property)

D. Section 80CCD(2) (employer contribution to NPS)

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Correct Answer: Option B

Explanation:
Under the new regime, Section 80C deductions are not allowed.

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Question #2

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ITR-4 (Sugam) is for:

A. Companies

B. Trusts

C. Partnership firms

D. Presumptive income taxpayers

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Correct Answer: Option D

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

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Question #3

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Which of the following is a direct tax levied by the Union Government?

A. Excise duty on alcohol

B. Sales tax

C. Income tax

D. Entertainment tax

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Correct Answer: Option C

Explanation:
Income tax is a direct tax. Excise on alcohol is state subject. Sales tax/VAT is state. Entertainment tax is local.

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