The 'Importer Exporter Code' (IEC) is mandatory for: MCQ with Answer and Explanation

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The 'Importer Exporter Code' (IEC) is mandatory for:

A. Only exporters

B. All persons exporting or importing goods/services (with some exemptions)

C. Only importers

D. Not required

Answer: Option B

Solution (By JKSSB Mock Tests)

IEC is a unique 10-digit code required for undertaking import/export, issued by DGFT.

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

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Question #1

In India, the 'Fiscal Responsibility and Budget Management (FRBM) Act' aims to:

A. Eliminate all taxes

B. Increase government borrowing

C. Increase fiscal deficit

D. Reduce fiscal deficit and improve fiscal discipline

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Correct Answer: Option D

Explanation:
FRBM Act sets targets for fiscal deficit and debt to ensure fiscal prudence.

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

Question #2

The 'Capital Gains' from sale of long-term listed equity shares (STT paid) exceeding ₹1 lakh are taxed at:

A. 20% with indexation

B. Exempt

C. 10% without indexation

D. 15%

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Correct Answer: Option C

Explanation:
LTCG on listed equity shares/equity-oriented funds exceeding ₹1 lakh is taxed at 10% without indexation.

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

Question #3

Capital loss can be carried forward for:

A. 4 years

B. 16 years

C. 8 years

D. Indefinitely

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Correct Answer: Option C

Explanation:
Capital losses (short-term and long-term) can be carried forward for 8 years.

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

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