The 'Section 115BAC' relates to: MCQ with Answer and Explanation

Question
The 'Section 115BAC' relates to:
A. New tax regime for individuals and HUFs
B. Minimum Alternate Tax
C. Alternate Minimum Tax
D. Tax on dividends
Answer: Option A
Solution (By JKSSB Mock Tests)
Section 115BAC provides the concessional tax regime for individuals/HUFs.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
The 'Employee Provident Fund' (EPF) contribution is shared by:
A. Employer only
B. Employee only
C. Government
D. Both employee and employer
Discuss
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Correct Answer: Option D

Explanation:
Employee and employer both contribute 12% of wages (basic + DA) to EPF.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Under the Income Tax Act, the 'TDS' on payment of commission or brokerage exceeding ₹15,000 in a financial year is governed by which section, and what is the rate?
A. Section 194Q at 0.1%
B. Section 194H at 5%
C. Section 194J at 10%
D. Section 194C at 1%
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Correct Answer: Option B

Explanation:
Section 194H mandates TDS at 5% on income by way of commission or brokerage (other than insurance commission) if the amount exceeds ₹15,000 in a financial year.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Insurance Regulatory and Development Authority of India' (IRDAI) regulates:
A. Banking
B. Capital markets
C. Insurance sector
D. Pension
Discuss
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Correct Answer: Option C

Explanation:
IRDAI is the insurance sector regulator.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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