The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at: MCQ with Answer and Explanation

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The 'Export Promotion Capital Goods' (EPCG) scheme allows import of capital goods at:

A. Concessional rate of customs duty subject to export obligation

B. Nil customs duty

C. Only GST exemption

D. High duty

Answer: Option A

Solution (By JKSSB Mock Tests)

EPCG allows import of capital goods at reduced duty against export commitment.

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

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Question #1

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Long Term Capital Gains (LTCG) on the sale of listed equity shares over Rs 1 Lakh is currently taxable at:

A. 30% with indexation

B. 10% without indexation

C. 20% without indexation

D. 15% with indexation

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Correct Answer: Option B

Explanation:
Under Section 112A, LTCG on listed equity shares exceeding Rs 1 lakh in a year is taxed at 10% without the benefit of indexation.

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Question #2

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Under the 'Cash Basis' of accounting, outstanding expenses are:

A. Not recorded

B. Recorded as liability

C. Recorded as asset

D. Recorded as income

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Correct Answer: Option A

Explanation:
Cash basis only records cash transactions, so outstanding expenses are ignored.

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

Question #3

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The 'Financial Statements' of a company must comply with:

A. Companies Act and Accounting Standards

B. Partnership Act

C. Income Tax Act

D. GST Act

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Correct Answer: Option A

Explanation:
Companies Act 2013 and Accounting Standards govern financial statements.

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

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