The 'GST Audit' by tax authorities (Section 65) has been replaced by: MCQ with Answer and Explanation

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The 'GST Audit' by tax authorities (Section 65) has been replaced by:

A. No audit

B. Reconciliation of returns and information

C. Internal audit

D. Only CAG audit

Answer: Option B

Solution (By JKSSB Mock Tests)

Finance Act 2021 removed the mandatory GST audit by CA/CWA and replaced with self-certification and department's scrutiny.

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

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Question #1

Standard Deduction available to salaried employees under Section 16(ia) for FY 2023-24 is:

A. Rs 40,000

B. Rs 1,50,000

C. Rs 1,00,000

D. Rs 50,000

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Correct Answer: Option D

Explanation:
A flat standard deduction of Rs 50,000 is allowed from the gross salary income.

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Question #2

The 'Voting weight' of the Union Government in GST Council is:

A. Two-thirds

B. Full

C. Half

D. One-third

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Correct Answer: Option D

Explanation:
Union has one-third weight and all states together have two-thirds weight.

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Question #3

The 'Section 44ADA' presumptive income scheme for professionals applies to gross receipts up to:

A. ₹1 crore

B. ₹10 lakh

C. ₹25 lakh

D. ₹50 lakh (now ₹75 lakh if cash receipts ≤ 5%)

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Correct Answer: Option D

Explanation:
Presumptive income for professionals up to gross receipts ₹50 lakh (or ₹75 lakh if digital).

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

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