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

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

A. Both

B. No tax

C. Company

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 'Related Party Disclosures' (Ind AS 24) requires disclosure of:

A. Key management compensation, related party relationships, and transactions

B. Only parent-subsidiary

C. Only sales transactions

D. Only borrowing

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Correct Answer: Option A

Explanation:
Ind AS 24 requires comprehensive disclosures.

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Question #2

S1: Marginal cost is the sum of prime cost and variable overheads. S2: Marginal cost includes fixed overheads. Which statement(s) is/are correct?

A. S1 only

B. S2 only

C. Neither S1 nor S2

D. Both S1 and S2

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Correct Answer: Option A

Explanation:
Marginal cost represents the total variable cost of production, which is Prime Cost (Direct Material + Direct Labor + Direct Expenses) plus Variable Overheads. It strictly excludes fixed overheads. S1 is correct, S2 is incorrect.

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Question #3

A and B are partners sharing profits 3:2. C is admitted for 1/5th share, which he acquires equally from A and B. The new profit-sharing ratio is:

A. 5:3:2

B. 9:6:5

C. 3:2:1

D. 4:3:2

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Correct Answer: Option A

Explanation:
A's new share = 3/5 - 1/10 = 5/10, B's new = 2/5 - 1/10 = 3/10, C's = 2/10. Ratio 5:3:2.

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