The 'Faceless Assessment' in income tax aims to: MCQ with Answer and Explanation

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The 'Faceless Assessment' in income tax aims to:

A. Simplify GST

B. Increase face-to-face meetings

C. Eliminate physical interface between taxpayer and tax authorities

D. Decrease tax rates

Answer: Option C

Solution (By JKSSB Mock Tests)

Faceless assessment uses technology-driven anonymized scrutiny to reduce corruption and harassment.

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

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Question #1

The 'Anti-Dumping Duty' is imposed to:

A. Reduce customs duty

B. Increase imports

C. Promote exports

D. Protect domestic industry from cheap imports sold below normal value

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Correct Answer: Option D

Explanation:
Anti-dumping duty is a trade remedy measure.

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

Question #2

The 'Reserve Bank of India' (RBI) regulates:

A. Insurance companies

B. Stock exchanges

C. Monetary policy, banking, and financial system stability

D. Pension funds

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Correct Answer: Option C

Explanation:
RBI is the central bank responsible for monetary policy and banking regulation.

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

Question #3

X and Y share profits in ratio 3:2. Z is admitted with 1/5th share. Sacrificing ratio of X and Y is:

A. 1:1

B. 3:2

C. Equal to new ratio

D. 2:3

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Correct Answer: Option B

Explanation:
If new partner's share is given without specifying sacrifice, old partners sacrifice in their old ratio. So 3:2.

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

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