The 'Financial Year' in India for tax purposes is: MCQ with Answer and Explanation

Explanation:
Reappropriation under GFR refers to the transfer of savings from one unit of appropriation (like a specific grant or head) to meet a shortfall in another unit, without increasing the total authorized expenditure.

Explanation:
Internal audit is a continuous appraisal system and a vital component of the internal control framework. It is conducted by the management's own staff or appointed internal auditors, not by external statutory auditors. S1 is correct, S2 is incorrect.

Explanation:
The collection increases the Pass Book balance. To reach the un-updated Cash Book balance, this amount must be deducted from the Pass Book.