The 'Dividend Distribution Tax' (DDT) was abolished and dividend now taxed in hands of: MCQ with Answer and Explanation

Question

Share Report Error

The 'Dividend Distribution Tax' (DDT) was abolished and dividend now taxed in hands of:

A. Company

B. No tax

C. Both

D. Shareholder

Answer: Option D

Solution (By JKSSB Mock Tests)

From FY 2020-21, DDT was abolished; dividend is taxable in the hands of shareholders.

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

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Question #1

The 'Securities Transaction Tax' (STT) is levied on:

A. Commodity transactions

B. Purchase and sale of shares and derivatives on recognized stock exchanges

C. Bank deposits

D. Property transactions

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Correct Answer: Option B

Explanation:
STT is a direct tax on transactions in securities listed on recognized stock exchanges.

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Question #2

When a trial balance tallies, it provides:

A. Proof that all accounting standards are followed

B. Prima facie evidence of arithmetical accuracy

C. Proof that no frauds occurred

D. Conclusive proof of accuracy

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Correct Answer: Option B

Explanation:
A tallied Trial Balance only guarantees arithmetical accuracy; errors of principle or complete omission might still exist.

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Question #3

In a single entry system, which accounts are usually maintained?

A. Only real and nominal accounts

B. Only personal accounts and cash book

C. All personal and real accounts

D. All three types of accounts

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Correct Answer: Option B

Explanation:
The single entry system is incomplete; typically, only personal accounts (debtors/creditors) and the cash book are fully maintained.

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