The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on: MCQ with Answer and Explanation

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The Income Tax Act defines 'Assessment Year' as the period of 12 months commencing on:

A. Diwali every year

B. Date of incorporation of the company

C. 1st April every year

D. 1st January every year

Answer: Option C

Solution (By JKSSB Mock Tests)

The Assessment Year in India is a uniform 12-month period beginning on the 1st of April and ending on the 31st of March.

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

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Question #1

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Which of the following is NOT one of the 5 heads of income under the Income Tax Act?

A. Income from Capital Gains

B. Income from Salaries

C. Income from Other Sources

D. Income from Exports

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Correct Answer: Option D

Explanation:
The 5 heads are: Salaries, House Property, Profits and Gains of Business/Profession, Capital Gains, and Other Sources.

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Question #2

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In cost accounting, marginal cost is equal to:

A. Prime cost + Variable overheads

B. Total cost - Fixed cost

C. Fixed cost + Variable cost

D. Total cost - Profit

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Correct Answer: Option A

Explanation:
Marginal cost represents the total variable cost of production, which is the sum of prime cost (direct material, labor, expenses) and variable overheads.

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Question #3

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Under GST, the 'Composition Scheme' is available to small taxpayers with aggregate turnover up to:

A. ₹1.5 crore

B. ₹10 crore

C. ₹20 lakh

D. ₹50 lakh

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Correct Answer: Option A

Explanation:
For goods, composition scheme limit is ₹1.5 crore (₹75 lakh for some states). For services, separate limit. The general limit for goods is ₹1.5 crore.

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