The 'Central Board of Indirect Taxes and Customs' (CBIC) is under: MCQ with Answer and Explanation

The 'Central Board of Indirect Taxes and Customs' (CBIC) is under:
A. RBI
B. Ministry of Finance, Department of Revenue
C. Ministry of Commerce
D. Ministry of Law
Answer: Option B
Solution (By JKSSB Mock Tests)
CBIC is the apex indirect tax body under the Department of Revenue.

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Practice More Accountancy and Book Keeping Questions

Question #1
The maximum rate of income tax (excluding surcharge and cess) for individuals in India as per recent budget is:
A. 40%
B. 25%
C. 35%
D. 30%

Correct Answer: Option D


Explanation:
As per current income tax slabs, the highest marginal rate for individuals (old regime) is 30%. Under new regime, surcharge may increase effective rate but base rate is still 30% up to certain limit. The question asks maximum rate excluding surcharge, so 30%.

Question #2
The 'Liberalised Remittance Scheme' (LRS) allows a resident individual to remit up to:
A. USD 2,50,000 per financial year
B. No limit
C. USD 1,00,000 per financial year
D. USD 50,000

Correct Answer: Option A


Explanation:
Under LRS, resident individuals can remit up to USD 2,50,000 per financial year for permissible transactions.

Question #3
The 'Lease Liability' under Ind AS 116 is measured at:
A. Present value of lease payments not yet paid
B. Fair value
C. Cost
D. Undiscounted sum

Correct Answer: Option A


Explanation:
Lease liability is initially measured at present value of future lease payments.