The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for: MCQ with Answer and Explanation

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The 'Presumptive Taxation' under Section 44AD is at 8% of turnover for:

A. All businesses

B. Companies

C. LLPs

D. Eligible businesses with turnover up to ₹2 crore

Answer: Option D

Solution (By JKSSB Mock Tests)

Section 44AD applies to resident individuals/HUFs/firms (except LLP) carrying on eligible business.

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Question #1

Which of the following deductions is not allowed under the new income tax regime (default)?

A. Section 24(b) interest on housing loan (let-out property)

B. Section 80C (PPF, LIC, etc.)

C. Standard deduction on salary

D. Section 80CCD(2) (employer contribution to NPS)

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Correct Answer: Option B

Explanation:
Under the new regime, Section 80C deductions are not allowed.

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Question #2

The 'Goods and Services Tax Network' (GSTN) is:

A. A not-for-profit non-government company providing IT infrastructure for GST

B. A government department

C. A tax tribunal

D. A bank

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Correct Answer: Option A

Explanation:
GSTN is a special purpose vehicle that provides the IT backbone for GST registration, return filing, etc.

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Question #3

A flexible budget is designed to change in relation to:

A. Management decision

B. Time period

C. Fixed expenses

D. Level of activity

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Correct Answer: Option D

Explanation:
Flexible budget adjusts budgeted figures based on actual level of activity.

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

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