The 'Presumptive Taxation' for professionals under Section 44ADA applies to gross receipts up to: MCQ with Answer and Explanation

Question
The 'Presumptive Taxation' for professionals under Section 44ADA applies to gross receipts up to:
A. ₹2 crore
B. ₹25 lakh
C. ₹50 lakh
D. ₹1 crore
Answer: Option C
Solution (By JKSSB Mock Tests)
Section 44ADA provides for presumptive income at 50% of gross receipts for specified professionals with receipts up to ₹50 lakh (now ₹75 lakh in some cases).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A complete omission to record a transaction in the journal will cause the Trial Balance to:
A. Show a difference equal to half the transaction amount
B. Show double the difference
C. Show a difference equal to the transaction amount
D. Tally without any difference
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Correct Answer: Option D

Explanation:
Since both debit and credit aspects are omitted completely, the Trial Balance equation remains balanced.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Zero Base Budgeting' (ZBB) was first introduced in a country by:
A. Japan
B. USA
C. India
D. UK
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Correct Answer: Option B

Explanation:
ZBB was popularised in the 1970s in the United States.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Guillotine' in budget process refers to:
A. Rejection of budget
B. Putting all outstanding demands to vote without further discussion
C. Adjournment of house
D. Alloting extra time for discussion
Discuss
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Correct Answer: Option B

Explanation:
Guillotine is a parliamentary procedure to close discussion on demands for grants and put them to vote.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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