The 'Rebate under Section 87A' is available to resident individuals with total income up to: MCQ with Answer and Explanation

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The 'Rebate under Section 87A' is available to resident individuals with total income up to:

A. ₹7,00,000 (under new regime)

B. ₹2,50,000

C. ₹10,00,000

D. ₹5,00,000

Answer: Option A

Solution (By JKSSB Mock Tests)

Under new regime, rebate up to ₹25,000 is available if total income does not exceed ₹7,00,000.

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

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In the indirect method of cash flow, net profit is adjusted for:

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C. Non-cash items and changes in working capital

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Correct Answer: Option C

Explanation:
Indirect method starts with net profit and adjusts for non-cash expenses, non-operating items, and working capital changes.

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A 'Social Audit' differs from financial audit as it:

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Correct Answer: Option B

Explanation:
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The 'Double Entry System' was first codified by:

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Correct Answer: Option D

Explanation:
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