The 'Country-by-Country Report' (CbCR) filing in India is required for MNE groups with consolidated revenue exceeding: MCQ with Answer and Explanation

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The 'Country-by-Country Report' (CbCR) filing in India is required for MNE groups with consolidated revenue exceeding:

A. ₹500 crore

B. ₹1,000 crore

C. No threshold

D. ₹5,500 crore (€750 million)

Answer: Option D

Solution (By JKSSB Mock Tests)

The threshold is aligned with BEPS Action 13, i.e., €750 million.

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

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Question #1

The 'Related Party' as per AS 18 includes:

A. Government

B. Key management personnel and their relatives

C. All suppliers

D. All customers

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Correct Answer: Option B

Explanation:
Related parties include key management, enterprises with control or significant influence, etc.

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Question #2

Money kept in Provident Funds and small savings schemes forms part of the:

A. RBI Reserves

B. Public Account of India

C. Consolidated Fund of India

D. Contingency Fund of India

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Correct Answer: Option B

Explanation:
The Public Account holds money acting as a banker (e.g., provident funds) and does not require parliamentary vote for disbursements.

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Question #3

The 'Audit Documentation' (working papers) is the property of:

A. Client

B. Auditor

C. Government

D. Shareholders

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Correct Answer: Option B

Explanation:
Working papers belong to the auditor; client does not have a right to them.

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

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