The 'Dispute Resolution Committee' (DRC) under Income Tax is meant for: MCQ with Answer and Explanation

Question

Share Report Error

The 'Dispute Resolution Committee' (DRC) under Income Tax is meant for:

A. Companies only

B. Small taxpayers with returned income up to ₹50 lakh and aggregate disputed demand ≤ ₹10 lakh

C. All taxpayers

D. Foreign companies

Answer: Option B

Solution (By JKSSB Mock Tests)

DRC provides an alternative dispute resolution mechanism for eligible small taxpayers.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

Which of the following is a feature of 'Process Costing'?

A. Costs are accumulated by processes

B. Each job is separate

C. Used for construction contracts

D. Used for unique products

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Process costing applies to continuous production where output is homogeneous, costs tracked by process.

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

Question #2

Which of the following ratios is a measure of long-term solvency?

A. Quick ratio

B. Current ratio

C. Debt-equity ratio

D. Inventory turnover ratio

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Debt-equity ratio indicates financial leverage and long-term solvency.

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

Question #3

S1: A joint venture is a temporary partnership. S2: A joint venture has a separate legal entity. Which statement(s) is/are correct?

A. Both S1 and S2

B. S2 only

C. S1 only

D. Neither S1 nor S2

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
A joint venture is formed for a specific, short-term purpose and terminates upon completion, making it a temporary partnership. Unlike a company, it does not have a separate legal entity distinct from its co-venturers. S1 is correct, S2 is incorrect.

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

Explore All Accountancy and Book Keeping MCQs