The 'Double Taxation Avoidance Agreement' (DTAA) aims to: MCQ with Answer and Explanation

Question
The 'Double Taxation Avoidance Agreement' (DTAA) aims to:
A. Unify all taxes
B. Tax income twice
C. Avoid double taxation of same income in two countries
D. Increase tax rates
Answer: Option C
Solution (By JKSSB Mock Tests)
DTAA provides relief from double taxation through exemption or credit method.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
In India, the new 'Income Tax Bill' 2025 aims to:
A. Increase tax rates
B. Replace GST
C. Simplify and consolidate the income tax law
D. Abolish all exemptions
Discuss
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Correct Answer: Option C

Explanation:
The proposed bill seeks to simplify the language and structure of the Income Tax Act.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which of the following errors will NOT be revealed by a Trial Balance?
A. Error of principle
B. Error of casting (totalling)
C. Posting an amount on the wrong side
D. Posting a wrong amount on the correct side
Discuss
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Correct Answer: Option A

Explanation:
Errors of principle (like treating capital expenditure as revenue) affect debit and credit equally, hence the Trial Balance will still agree.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a 'period cost'?
A. Rent of office building
B. Royalty on production
C. Direct material
D. Direct labour
Discuss
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Correct Answer: Option A

Explanation:
Period costs are not tied to production volume and are expensed in the period incurred. Office rent is a period cost.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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