The 'Centralised Processing Centre' (CPC) of Income Tax Department processes returns for: MCQ with Answer and Explanation

Question
The 'Centralised Processing Centre' (CPC) of Income Tax Department processes returns for:
A. All assesses
B. E-filed returns
C. Paper returns only
D. TDS returns only
Answer: Option B
Solution (By JKSSB Mock Tests)
CPC processes electronically filed returns for faster processing.
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 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to:
A. ₹10 lakh
B. ₹1 crore
C. ₹50 lakh (now ₹75 lakh if cash receipts ≤ 5%)
D. ₹25 lakh
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Correct Answer: Option C

Explanation:
Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following statements regarding the Accounting Equation is INCORRECT?
A. Assets = External Equities + Internal Equities
B. Assets = External Liabilities + Internal Liabilities
C. Assets = Capital - Liabilities
D. Assets = Liabilities + Capital
Discuss
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Correct Answer: Option C

Explanation:
The correct accounting equation is Assets = Liabilities + Capital. Therefore, Assets = Capital - Liabilities is mathematically and conceptually incorrect.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
If the purchase of a printer for ₹12,000 is recorded in the purchases book, the error is:
A. Error of commission
B. Error of principle
C. Error of omission
D. Compensating error
Discuss
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Correct Answer: Option B

Explanation:
Printer is an asset, should be capitalised. Recording in purchases book treats it as expense, violating accounting principles.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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