The 'Faceless Penalty' scheme under income tax was introduced in: MCQ with Answer and Explanation

Question
The 'Faceless Penalty' scheme under income tax was introduced in:
A. 2019
B. 2020
C. 2017
D. 2021
Answer: Option D
Solution (By JKSSB Mock Tests)
Faceless penalty scheme was launched in 2021 to impart transparency.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
TDS on rent under Section 194I is deducted at:
A. 5% for all
B. 10% for land/building, 2% for plant/machinery
C. 1%
D. 2%
Discuss
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Correct Answer: Option B

Explanation:
Section 194I: rent for plant/machinery 2%, for land/building/furniture 10%.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
A trade discount is:
A. Treated as a non-operating expense
B. Given for prompt payment
C. Recorded separately in the books of accounts
D. Deducted from the list price and not recorded in the books
Discuss
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Correct Answer: Option D

Explanation:
Trade discount is a reduction from the catalogue price given for bulk purchases and is not recorded in the accounting books.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is not a direct tax?
A. Securities Transaction Tax
B. Customs duty
C. Corporate tax
D. Minimum Alternate Tax
Discuss
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Correct Answer: Option B

Explanation:
Customs duty is an indirect tax. Corporate tax, STT, MAT are direct taxes.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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