The 'Sabka Vishwas' scheme for indirect taxes was for: MCQ with Answer and Explanation

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The 'Sabka Vishwas' scheme for indirect taxes was for:

A. Resolution of legacy disputes under excise and service tax

B. Customs only

C. GST disputes

D. Income tax disputes

Answer: Option A

Solution (By JKSSB Mock Tests)

It was a dispute resolution scheme for pre-GST indirect tax matters.

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

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Question #1

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The threshold limit for paying Advance Tax is when the estimated tax liability for the year is:

A. Rs 20,000 or more

B. Rs 10,000 or more

C. Rs 5,000 or more

D. Rs 50,000 or more

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Correct Answer: Option B

Explanation:
If the estimated tax liability (after TDS) exceeds Rs 10,000, the taxpayer is obligated to pay advance tax in installments.

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

Question #2

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Under Ind AS 115, 'Variable Consideration' (like bonuses or penalties) can only be included in the transaction price if:

A. The customer has explicitly agreed to the variable amount in the contract.

B. The performance obligation is fully satisfied.

C. The entity has received the cash for the variable consideration.

D. It is highly probable that a significant reversal in the amount of cumulative revenue will not occur.

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Correct Answer: Option D

Explanation:
Ind AS 115 imposes a constraint on variable consideration. It can only be included in the transaction price to the extent that it is highly probable that a significant reversal of revenue will not occur when the uncertainty is resolved.

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

Question #3

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The basic exemption limit for an individual below 60 years under the new tax regime (AY 2024-25) is:

A. ₹5,00,000

B. ₹2,50,000

C. ₹3,00,000

D. ₹2,00,000

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Correct Answer: Option C

Explanation:
Under the new regime, basic exemption limit is ₹3,00,000 for individuals below 60 years.

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