The 'e-assessment' scheme for income tax was launched to: MCQ with Answer and Explanation

Question
The 'e-assessment' scheme for income tax was launched to:
A. Reduce refunds
B. Eliminate digital filing
C. Faceless scrutiny
D. Increase tax rates
Answer: Option C
Solution (By JKSSB Mock Tests)
E-assessment aims at faceless and paperless scrutiny of tax returns.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A 'Narration' in a journal entry is:
A. A brief description of the transaction
B. The date of transaction
C. The amount
D. The ledger folio
Discuss
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Correct Answer: Option A

Explanation:
Narration provides a short explanation of the transaction recorded.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
S1: In the context of PFMS, the 'Aadhaar Enabled Payment System' (AePS) allows bank transactions using only the Aadhaar number. S2: AePS requires the beneficiary to have a micro-ATM or PoS device for authentication. Which statement(s) is/are correct?
A. S1 only
B. Both S1 and S2
C. S2 only
D. Neither S1 nor S2
Discuss
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Correct Answer: Option B

Explanation:
AePS allows online interoperable financial inclusion transactions at micro-ATMs/PoS using Aadhaar authentication. Both statements accurately describe the AePS mechanism under PFMS/DBT.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The term 'Amalgamation' in partnership refers to:
A. Combination of two or more partnership firms
B. Retirement of a partner
C. Insolvency of a partner
D. Dissolution of the firm
Discuss
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Correct Answer: Option A

Explanation:
Amalgamation occurs when two or more existing partnership firms decide to merge their businesses into a new partnership firm.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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