The 'Presumptive Taxation' scheme under Section 44AD is for: MCQ with Answer and Explanation

Question

Share Report Error

The 'Presumptive Taxation' scheme under Section 44AD is for:

A. Importers

B. Professionals only

C. Small businesses with turnover up to ₹2 crore

D. Large corporates

Answer: Option C

Solution (By JKSSB Mock Tests)

Section 44AD allows eligible businesses to declare 8% (or 6% digital) of turnover as presumptive income.

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1

A favourable variance in materials cost indicates that:

A. Sales volume increased

B. Material price increased in the market

C. Actual cost of materials was less than the standard cost

D. More material was used than budgeted

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Favourable means beneficial to profit, which happens when actual costs are lower than standard expected costs.

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

Question #2

A Realisation Account is opened at the time of:

A. Dissolution of partnership firm

B. Admission of a partner

C. Change in profit-sharing ratio

D. Retirement of a partner

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
Realisation Account is prepared to close books on dissolution of the firm, not just reconstitution.

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

Question #3

The 'Customs Act, 1962' levies duty on:

A. Income

B. Imported and exported goods

C. Services

D. Goods manufactured in India

View Answer & Solution Discuss

Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
Customs duty is on imports and exports.

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

Explore All Accountancy and Book Keeping MCQs