The 'Foreign Trade Policy 2023' has introduced: MCQ with Answer and Explanation

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The 'Foreign Trade Policy 2023' has introduced:

A. Abolition of all schemes

B. Only service export incentives

C. Increased import tariffs

D. One-time amnesty for export obligation defaults, new e-commerce export hubs, etc.

Answer: Option D

Solution (By JKSSB Mock Tests)

FTP 2023 focused on ease of doing business, amnesty, and new initiatives.

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

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Question #1

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Tax Deducted at Source (TDS) on rent of land/building under section 194I (exceeding Rs 2.4 lakhs p.a.) is at the rate of:

A. 5%

B. 1%

C. 2%

D. 10%

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Correct Answer: Option D

Explanation:
Under Section 194I of the Income Tax Act, TDS on rent for land and buildings is deducted at 10%.

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

Question #2

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The 'Export Oriented Unit' (EOU) scheme provides:

A. Income tax holiday only

B. GST exemption only

C. Customs and excise duty exemption on imports and domestic procurement

D. No benefit

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Correct Answer: Option C

Explanation:
EOUs enjoy various tax and duty exemptions to boost exports.

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Question #3

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What is the primary scope of a 'Tax Audit' under Section 44AB of the Income Tax Act?

A. To assess social impact

B. To find accounting errors

C. To ensure books are maintained per tax laws and compute taxable income correctly

D. To value the shares of the company

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Correct Answer: Option C

Explanation:
A tax audit ensures compliance with the Income Tax Act, preventing tax evasion by verifying deductions and income reporting.

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

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