The 'Monetary Policy Committee' (MPC) in India decides the: MCQ with Answer and Explanation

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The 'Monetary Policy Committee' (MPC) in India decides the:

A. Budget allocation

B. Tax rates

C. Repo rate and other monetary policy instruments

D. Fiscal deficit target

Answer: Option C

Solution (By JKSSB Mock Tests)

MPC is responsible for setting the policy repo rate to achieve inflation target.

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

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Question #1

The 'Health and Education Cess' is levied at:

A. 2% of tax

B. 1%

C. 10%

D. 4% of tax

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Correct Answer: Option D

Explanation:
Health and Education Cess at 4% is levied on income tax (including surcharge).

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

Question #2

Accounting by Non-Profit Organizations (NPOs) usually revolves around which system?

A. Fund Based Accounting

B. Social Accounting

C. Responsibility Accounting

D. Standard Costing

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Correct Answer: Option A

Explanation:
NPOs use fund-based accounting where resources are categorized into specific funds based on restrictions placed by donors.

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

Question #3

The 'Tax on Provident Fund contributions' above specified limit was introduced by:

A. Finance Act, 2020

B. No tax

C. Finance Act, 2021

D. 2019

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Correct Answer: Option C

Explanation:
Interest on employee contributions exceeding ₹2.5 lakh per annum (₹5 lakh for government employees) in PF is taxable from FY 2021-22.

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

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