The 'Equalisation Levy' at 6% applies to: MCQ with Answer and Explanation

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The 'Equalisation Levy' at 6% applies to:

A. All digital services

B. E-commerce operators

C. All goods

D. Specified services like online advertisement provided by non-residents

Answer: Option D

Solution (By JKSSB Mock Tests)

Equalisation levy at 6% is on consideration for specified digital services by non-residents; a separate 2% levy on e-commerce supply.

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

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In the context of PFMS, what does 'Aadhaar Payment Bridge System' (APBS) facilitate?

A. Tax collection

B. Stock market trading

C. Bank auditing

D. Direct Benefit Transfer using Aadhaar

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Correct Answer: Option D

Explanation:
APBS facilitates Direct Benefit Transfers (DBT) by using the Aadhaar number as the central key for routing government subsidies to beneficiaries.

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

Question #2

'AS 22' covers:

A. Borrowing costs

B. Accounting for Taxes on Income

C. Impairment of assets

D. Earnings per share

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Correct Answer: Option B

Explanation:
AS 22 deals with deferred tax and current tax.

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Question #3

At the time of retirement of a partner, goodwill appearing in the balance sheet is:

A. Written off among all partners in old ratio

B. Credited to retiring partner only

C. Transferred to revaluation account

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Correct Answer: Option A

Explanation:
Existing goodwill in books is written off by debiting all partners' capital accounts in old ratio.

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

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