The 'Deduction under Section 80C' is available up to maximum of: MCQ with Answer and Explanation

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The 'Deduction under Section 80C' is available up to maximum of:

A. ₹1,50,000

B. ₹2,00,000

C. ₹1,00,000

D. ₹50,000

Answer: Option A

Solution (By JKSSB Mock Tests)

Under Section 80C, maximum deduction is ₹1,50,000.

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

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Question #1

Cash basis accounting recognizes revenue when:

A. Cash is received

B. Order is received

C. Services are performed

D. Sale invoice is raised

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Correct Answer: Option A

Explanation:
Under cash basis, transactions are recorded only when cash is received or paid, not when accrued.

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

Question #2

The 'Ind AS 115' replaces which earlier standards?

A. AS 10

B. AS 9 and AS 7

C. AS 2

D. AS 3

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Correct Answer: Option B

Explanation:
Ind AS 115 supersedes AS 9 (Revenue Recognition) and AS 7 (Construction Contracts).

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Question #3

Tax Deducted at Source (TDS) on rent of land/building under section 194I (exceeding Rs 2.4 lakhs p.a.) is at the rate of:

A. 10%

B. 5%

C. 2%

D. 1%

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Correct Answer: Option A

Explanation:
Under Section 194I of the Income Tax Act, TDS on rent for land and buildings is deducted at 10%.

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

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