The 'Equalisation Levy' on e-commerce supply of goods/services is applicable to non-resident e-commerce operators with: MCQ with Answer and Explanation

The 'Equalisation Levy' on e-commerce supply of goods/services is applicable to non-resident e-commerce operators with:
A. Annual revenue exceeding ₹2 crore from India
B. Any revenue
C. Only if they have a PE
D. No threshold
Answer: Option A
Solution (By JKSSB Mock Tests)
2% equalisation levy applies if the non-resident e-commerce operator's revenue from India exceeds ₹2 crore.

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Practice More Accountancy and Book Keeping Questions

Question #1
Which metric evaluates the financial value of the social and environmental outcomes created by an organization?
A. Social Return on Investment (SROI)
B. Internal Rate of Return (IRR)
C. Return on Capital Employed (ROCE)
D. Earnings Per Share (EPS)

Correct Answer: Option A


Explanation:
SROI is a method for measuring values not traditionally reflected in financial statements, assessing social and environmental impact.

Question #2
S1: Depreciation is a non-cash expense. S2: Depreciation reduces the book value of the asset. Which statement(s) is/are correct?
A. Neither S1 nor S2
B. Both S1 and S2
C. S2 only
D. S1 only

Correct Answer: Option B


Explanation:
Depreciation is charged to the Profit and Loss Account but does not involve any cash outflow, making it a non-cash expense. It is also credited to the Provision for Depreciation or Asset account, reducing its book value. Both are correct.

Question #3
A cheque of Rs 5,000 was deposited but dishonored. No entry was passed in the Cash Book. To reconcile from a favorable Cash Book balance, you should:
A. Add Rs 5,000
B. Deduct Rs 10,000
C. Add Rs 10,000
D. Deduct Rs 5,000

Correct Answer: Option D


Explanation:
The dishonor reduces the pass book balance. To match it, you must deduct the amount from the cash book balance.