The 'Securities Transaction Tax' (STT) is levied under: MCQ with Answer and Explanation

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The 'Securities Transaction Tax' (STT) is levied under:

A. Securities Contracts (Regulation) Act

B. GST Act

C. Income Tax Act

D. Finance Act (Chapter VII of Finance (No.2) Act, 2004)

Answer: Option D

Solution (By JKSSB Mock Tests)

STT is levied through the Finance Act.

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

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Question #1

Which of the following is not a financial statement?

A. Balance Sheet

B. Trial Balance

C. Cash Flow Statement

D. Profit & Loss Account

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Correct Answer: Option B

Explanation:
Trial balance is a working paper, not a financial statement.

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Question #2

Which of the following is not a feature of a partnership?

A. Agreement between partners

B. Separate legal entity

C. Unlimited liability

D. Sharing of profits

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Correct Answer: Option B

Explanation:
A partnership firm does not have a separate legal entity distinct from its partners (except limited liability partnerships).

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Question #3

The 'Export Oriented Unit' (EOU) scheme provides:

A. GST exemption only

B. No benefit

C. Customs and excise duty exemption on imports and domestic procurement

D. Income tax holiday only

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Correct Answer: Option C

Explanation:
EOUs enjoy various tax and duty exemptions to boost exports.

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

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