The 'Equalisation Levy' in India is a tax on: MCQ with Answer and Explanation

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The 'Equalisation Levy' in India is a tax on:

A. Digital transactions by non-resident companies

B. All goods

C. Personal income

D. Income from agriculture

Answer: Option A

Solution (By JKSSB Mock Tests)

Equalisation levy, often called 'Google tax', is on specified digital services provided by non-residents.

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

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Question #1

An amended Cash Book is prepared to correct:

A. Only bank overdrafts

B. Errors and omissions made in the Cash Book

C. Errors made by the bank

D. Timing differences like unpresented cheques

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Correct Answer: Option B

Explanation:
An amended cash book is prepared to adjust omissions (like bank charges) and errors in the cash book before preparing the final BRS.

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

Question #2

The 'Exempt Supply' under GST means:

A. Supply with concessional rate

B. Supply not subject to GST

C. Supply on which no GST is payable but ITC not available

D. Supply with 0% tax and ITC available

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Correct Answer: Option C

Explanation:
Exempt supplies are not taxed and no credit of input tax is allowed.

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Question #3

The process of transferring entries from journal to ledger is called:

A. Balancing

B. Recording

C. Journalizing

D. Posting

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Correct Answer: Option D

Explanation:
Posting is the process of transferring debit and credit amounts from journal to respective ledger accounts.

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

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